4 12 of 4 ts Required information Use the following information for the Quick Study below. (Algo) (11-14) [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 $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units $11.00 cost 20 units $17.00 cost 15 units $19.00 cost eBook Ask Print QS 5-12 (Algo) Perpetual: Inventory costing with LIFO LO P1 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance Merences Date # of units Cost per unit Cost of Goods Available for Sale of units soldi Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance December 7 10 at $ 11.00 $ 110.00 10 at $11.00 $ 110.00 20 at $17.00 $ 340.00 December 14 20 at 10 at $17.00- $ 11.00 $ 340.00 Total December 14 December 15 15 at $ 17.00- $ 255.00 5 at $17.00- 10 at $ 11.00- Total December 15 15 at $ 19.00 $ 285.00 110.00 $ 450.00 $ 85.00 110.00 $195.00 $285,00 (W December 21 Totals $ 255.00 15 at $ 19.00- 10 at $ 11.00- $ 110.00 at $ 395.00 < Prev 6 of 20 Next