The formula for cost of goods sold under LIFO is cost of oldest inventory purchased multiplied by the units of goods sold.
LIFO means last in first out. It means that it is the last purchased inventory that is the first to be sold.
For example, if beginning inventory is 10 units at of an item purchased at $10 and 10 units of inventory was purchased at $20. During the course of the month 5 units of the items was sold.
Cost of goods sold = 5 x 10 = 50
To learn more about LIFO, please check: https://brainly.com/question/13779572
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