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2 0.33 points Tamara Saad starts a merchandising business on purchases. During December, Monson sells 15 units for $20 each on December 15 r 1
2 0.33 points Tamara Saad starts a merchandising business on purchases. During December, Monson sells 15 units for $20 each on December 15 r 1 and enters into the following three inventory Purchases on December 7 Purchases on December 14 21 10 units$ 6.00 cost 20 units @ $12.00 cost 15 units@$14.00 cost Required: Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. LIFO: Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance |Cost per|Costof Goods-of Cost of Goods | # of | Cost | Cost Available for units of of units uoltd per unit Gods sold in ending Cost por Ending # of units unit unit Inventory December 14 Total
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