Answer:
the most recent purchase
Explanation:
The new layer at cost should be____________. the most recent purchases.
LIFO assigns an amount to cost of goods sold on income statement that approximates  its current cost , it also better  matches the current costs with revenues in computing gross profit.
LIFO Last in First Out is the method in which inventories are valued assuming that  the most recent purchases have been sold out first. When LIFO is used with the periodic system ,cost of goods sold is assigned costs from the most recent purchases.
