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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 28 units for $50 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units e $20.00 cost 32 units @ $30.00 cost 28 units @ $36.00 cost Required: Determine the costs assigned to the December 31 ending Inventory based on the FIFO method. Date Perpetual FIFO Goods Purchased Cost of Goods Sold # of Cost Per # of Units Goods Cost Per Cost of Goods Unit Units Purchased Unit Sold Sold 18 at $ 20.00 - $ 350.00 Inventory Balance Cost Per Inventory # of Units Unit Balance December 7 $360.00 32 at $ 30.00 10 at $ 20.00 - 18 at $ 20.00 - 32 at $ 30.00 $ 960.00 December 14 $360.00 Total December 14 960.00 $1,320.00 18 at 5 20.00 = 22 at $ 30.00 $ 660.00 December 15 $360.00 $ 300.00 10 at $ 30.00 - Total December 15 28 at $ 36.00 $ 1,000.00 22 at $ 30.00 December 21 $ 660.00 28 at $ 36.00 = Totals $ 660.00 $1,008.00 $1,668.00 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 per Cost of Goods # of of units Available for units Cost per cost of Goods Sale sold unit Sold Date Cost per unit # of units unit Inventory Balance December 7 18 at $ 20.00 - $ 360.00 18 at $ 20.00 $360.00 32 at $ 30.00 - $ 960.00 December 14 18 at $ 20.00 32 at $ 30.00 $ 300.00 960.00 $1,320.00 Total December 14 December 15 14: $ 30.00 $ 420.00 $ 350.00 18 at $ 20.00 - 18 at $ 30.00 Total December 15 540.00 $ 900.00 28 at $ 36.00 $1,008,00 December 21 18 at 18 at $ 20.00 - $ 20.00 $36.00 - $ 380.00 $ 350.00 $1.152.00 $1,872.00 32 at Totals $ 420.00 Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.) Date Weighted Average - Perpetual: Goods purchased Cost of Goods Sold #of # of Cost per unit units Inventory Value units Cost per Cost of Goods sold unit Sold 18 at $ 20.00 $ 360.00 Inventory Balance # of units Cost per unit Inventory Balance December 7 18 at S 20.00 - $ 360.00 32) at $ 30.00] = $ 960.00 December 14 20.00 $ 360.00 18 at $ 32 at $ 50 at 30.00 = Average cost December 14 960.00 1,320.00 S December 15 $ 0.00 $ 0.00 December 21 Average cost December 21 Totals 0 $ 0.00 of the units sold, 14 are from the December 7 purchase and 14 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Specific Identification Goods Available for Sale Cost of Goods Sold Cost of Goods # of # of units Cost Available for unit Cost of units Sale sold per unit Goods Sold Cost per Ending Inventory # of units in ending Cost per Ending unit + Inventory Inventory Purchases: December 7 December 14 December 21 Total