With the Periodic Inventory System What Does the Opening Balance

With the periodic inventory system what does the opening balance in the inventory account represent?

A) Inventory on hand at the end of the previous period as determined by a physical stocktake.
B) Inventory on hand at the end of the current period as determined by a physical stocktake.
C) Opening inventory plus purchases less ending inventory.
D) Inventory on hand at the end of the current period before allowance for inventory variance.