brandonshawntaylo.... Log in to Canvas Pitcams nework Inventories - FIFO, LIFO, Ave C... Saved Help Save & E Che 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 selis 15 units for $28 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 le units $14.00 cost 20 units @ $20.00 cost 15 units @ $22.00 cost QS 6-12 (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: Required information Date Cost per Bol units Cost per unit Cost of Goods Available for Sale # of units sold Cost per Cost of Goods unit Sold # of units Inventory Balance 4 unit December 7 $ 14.00 = 101 at $ 140.00 10 at $ 14.00 - $ 140.00 20) at $ 20.00 = $ 400.00 20 at $ 20.00 = $ 400.00 December 14 at $ 400,00 Total December 14 15 at December 15 1 Total December 15 aces 15 at $ 22.00 = $ 330.00 December 21 Totals 5 1 Naye