The LIFO inventory method assumes that the cost of the latest units purchased are:
a. the last to be allocated to cost of goods sold
b. the first to be allocated to ending inventory
c. the first to be allocated to cost of goods sold
d. not allocated to cost of goods sold or ending inventory

The correct answer is C.

Explanation:

Giving the following information:

The LIFO inventory method assumes that the cost of the latest units purchased are:

Under the Last-in, First-out method the first units on inventory are the ones left to ending inventory. On the contrary, the last units are the first ones to go to the cost of goods sold.

a. the last to be allocated to the cost of goods sold. False, this is under the FIFO method.

b. the first to be allocated to ending inventory. False, this is under the FIFO method.

c. the first to be allocated to the cost of goods sold. True.

d. not allocated to cost of goods sold or ending inventory. False, they are allocated to cost of goods sold.

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