LIFO
The cost of items purchased last are assigned to the first item sold as shown below
| Purchased Date | Cost per unit | LIFO |
| 1/1 | $10 | 3rd |
| 2/1 | 9 | 2nd |
| 3/1 | 8 | 1st |
LIFOThe cost of items purchased last are assigned to the first item sold as shown below
| Purchased Date | Cost per unit | LIFO |
| 1/1 | $10 | 3rd |
| 2/1 | 9 | 2nd |
| 3/1 | 8 | 1st |