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Required information [The following information applies to the questions displayed below.] Trey...

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Accounting

Required information
[The following information applies to the questions displayed below.]
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $35 each.
\table[[Purchases on December 7,10 units & $21.00 cost],[Purchases on December 14,20 units & $27.00 cost],[Purchases on December 21,15 units & $29.00 cost]]
Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
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