Help Save & Exit Check 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. Purchase on December 7 18 units $4.00 coat Purchases on December 14 35 units. 56.00 cost Purchases on December 21 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, Inventory Balance Perpetual LIFO: Goods purchased Cost of Goods Sold Cost of Goods #of of units Available for units Cost per Cost of Goods unit unit Sold sold Cost per Date Cost per # of units Inventory Balance unit Sale 18 at $ 4.00 $ 72.00 December 7 18 at $ 4,00 $ 72.00 35 at $ 6.00 - $ 210,00 35 at $ 6.00 - 18 at $ 4.00 December 14 $ 210.00 72.00 $ 282.00 Total December 14 28lats 6.00 $ 168 001 18 ats 6.00 $ 108.00 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 LIEO: Goods purchased Cost of Goods Sold Cost of Goods #of of units Cost per Available for units Cost per Cost of Goods Sale sold unit Sold Inventory Balance Date unit #of units Cost per unit Inventory Balance December 7 18 at $ 4.00 $ 72.00 18 at $ 4.00 $ 72.00 35 at $ 6.00 - $ 210.00 December 14 $ 0.00 35 at 18 at $ 400- $ 210.00 72.00 $ 282.00 Total December 14 December 15 28 at $ 6.00 - $ 168.00 18 at 53 at $ 0.00 $ 400- $ 108.00 21200 $ 320,00 Total December 15 28 at $ 7.00] = $125,00 18 at 28 at S 5.00 57.00 $ 108.00 $ 190,00 December 21 at Totals $ 168.00 $ 304.00