The FIFO inventory cost flow assumption assumes that the cost of the latest units purchased are? Select one: a. The last to be allocated to ending inventory. O b. Not allocated to cost of goods sold or ending inventory. O c. The first to be allocated to ending inventory. O d. The first to be allocated to cost of goods sold. tion uestion 8 If ending inventory is overstated in 2008, then net income will be? ot yet