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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 28 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units e $10.00 cost 35 units $15.00 cost 28 units $18.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Inventory Balance Perpetual LIFO Goods purchased Cost of Goods Sold Cost of Goods # of # of units Available for unit Cost per Cost of Goods units unit Salo sold Sold Date Cost per Cost per # of units Inventory Balance unit December 7 December 14 Total December 14 December 15 Total December 15 December 21 Totals [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 28 units for $25 each. Purchases on December 7 18 units & $10.00 cont Purchases on December 14 35 units $15.00 cost Purchases on December 21 28 units $18.00 cont Determine the costs assigned to ending Inventory when costs are assigned based on the LIFO method Inventory Balance Perpetual LIFO Goods purchased Cost of Goods Sold # of Cost of Goods Cost per Cost per cost of Goods of units Available for units unit unit Sala sold Sold Date of units Cost per unit Inventory Balance December 7 December 14 Total December 14 December 15 Total December 15 December 21 Totals

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