When the LIFO method of inventory valuation is used, Cost of Goods Sold is assumed to consist of: Select one Oa. The least expensive units O b. The most expensive units Oc. The most recently purchased units Od. The oldest units 6125 westion 40.Failure to record the 12/31 adjusting entry to accrue expenses: O a. Understates Liabilities Ob. Overstates Revenue Oc. Overstates Expenses Od. Understates Assets Oe Understates Net Income Finish attempt