Answer:
C. The first to be allocated to cost of goods sold
Explanation:
LIFO meaning Last in, First Out is an inventory method whereby items or inputs last placed in the inventory are assumed to be sold first during the accounting year. It is the direct opposite of FIFO, which is First in, First out. So in LIFO, those inventories that were purchased last are assumed to be sold first. LIFO assumes that cost of the latest units purchased are the first to be allocated to cost of goods sold.
