Answer:
Under last in, first out (LIFO) inventory method, the units purchased last are used to determine the cost of goods sold. This doesn't mean that exactly the last units purchased will be sold first, it is just used as an accounting tool.
In this case, the last unit purchased costed $20, and the immediately previous one costed $15. Under LIFO, these 2 units would have been sold (COGS = $35), and the ending inventory = $10 (the price of the "oldest" unit).
The key factor distinguishing retailers from other members of the supply chain is that they sell to customers for their personal use.
<h3>What do you mean by customers?</h3>
- A client is someone who purchases goods, services, products, or ideas from a seller, vendor, or supplier in exchange for money or another useful consideration.
- This definition applies to sales, business, and economics.
- Customers who frequently purchase from a business establish conventions that enable regular, sustained trade, which enables the business to create statistical models to improve production procedures (which alter the nature or form of goods or services) and supply chains (which changes the location or formalizes the changes of ownership or entitlement transactions).
<h3>What types of customers are there?</h3>
- 5 different consumer types
- New customers.
- Impulsive buyers.
- Angry customers.
- Persistent customers.
- Loyal customers.
Learn more about customers here:
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Negative attitude can lead to high turnover
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What’s the question you didn’t show a picture
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