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Required information Use the following information for the Quick Study below. (Algo) (15-18) [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 29 units for $45 each. QS 5-16A (Algo) Perpetual: Inventory costing with LIFO LO P3 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method