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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 28 units for $10 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units $4.00 cost 35 units @ $6.00 cost 28 units @ $7.00 cost 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 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 of Goods # of of units Available for unit Cost per Cost of Goods units Sale unit sold Sold Cost per # of units Cost per init Inventory Balance December 7 December 14 Total December 14 December 15 Total December 15 December 21 Totais