Can the information below in the picture be changed from inventory to supplies and/or baking supplies?

Last-In, First-Out (LIFO) The last-in, first-out (LIFO) cost flow assumption allocates the cost of goods available for sale between ending inventory and cost of goods sold based on the assumption that the most recent purchases (the last in) are the first ones sold (the first out). Therefore, the LIFO cost flow assumption results in the most recent costs incurred being allocated to cost of goods sold, while the carliest (and oldest) costs are allocated to ending inventory. These relationships are shown in Exhibit 7.6