The Opening Balance in the Inventory Account Under a Periodic

The opening balance in the inventory account under a periodic inventory system represents:

A) inventory on hand at the end of the current period as determined by a physical stocktake.
B) opening inventory plus purchases less ending inventory.
C) inventory on hand at the end of the current period before allowing for any inventory variances.
D) inventory on hand at the end of the previous period as determined by a physical stocktake.