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Check my WUIR E. M W Required Information Use the following information for the Quick Study below....... Trey Monson starts a merchandising business on December 1 and enters into three Inventory purchases: Purchases on December 10 units @ $ 6.00 cost Purchases on December 20 units @ $12.00 cost 14 Purchases on December 15 units @ $14.00 cost 21 QS 5-15 Periodic: Inventory costing with LIFO LO P3 Required: Monson sells 15 units for $20 each on December 15. Assume the periodic Inventory system is used. Determine the costs assigned to ending Inventory when costs are assigned based on the LIFO method un but not entirely correct. Purchases on December 10 units @ $ 6.90 cost Purchases on December 20 units er 2e units @ $12.00 cost $12.00 14 Purchases on December 15 units @ $14.00 cost 21 Part 2 of 3 QS 5-15 Periodic: Inventory costing with LIFO LO P3 Required: Monson sells 15 units for $20 each on December 15. Assume the periodic Inventory system is used. Determine the costs assigned to ending Inventory when costs are assigned based on the LIFO method. * Answer is complete but not entirely correct. Periodic LIFO: Inventory Balance Cost of Goods Sold Cost of Goods Available for Sale Cost of # of Cost Goods per units Available unit for Sale # of units sold Cost per unit Cost of Goods Sold of units in ending inventory Cost per Ending Inventory unit Purchases December 7 December $ 10 $ 10 $0.00 2012.00 16 14.00 45 60 240 210 10 5 10 25 $0.00 12.00 14.00 $ 80 $ 80 $ 140 S200 $0.00 1200 14.00 80 180 210 450 December $ $ Total