Expenses are recognized when: A) they are billed by the supplier. B) they contribute to the production of revenue. C) they are paid. D) the invoice is received. The LIFO inventory method assumes that the cost of the latest unit purchased are A) the last to be allocated to cost of goods sold. B) the first to be allocated to cost of goods sold. C) the first to be allocated to ending inventory. D) not allocated to cost of goods sold or ending inventory