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Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units $18.00 cost 30 units @ $27.00 cost 25 units @ $32.00 cost Required: Monson sells 25 units for $45 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: Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance # of Cost per unit Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit units Ending Inventory sold Purchases: December 7 15 $ 18.00 $ 270 $ 15 X 18.00 $ 270 $ 0 x 18.00 $ 0 30 27.00 810 10 X 27.00 $ 270 20 X 27.00 540 December 14 December 21 Total 25 32.00 800 0 X 32.00 25 32.00 $ 800 70 $ 1,880 25 $ 540 45 $ 1,340 Required information Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units $18.00 cost 30 units @ $27.00 cost 25 units @ $32.00 cost Required: Monson sells 25 units for $45 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 weighted average method. (Amounts be deducted should be indicated with a minus sign. Round cost per units to 2 decimals.) Periodic Weighted Average Purchase - December 7 Inventory on hand Cost of Goods Sold # of units Cost per Inventory # of units Avg.Cost per Cost of unit Value sold unit Goods Sold 15 $ 18.00 $ 270 30 27.00 810 25 32.00 800 70 1,880 Purchase - December 14 Purchase - December 21 Available for Sale December Sales 0 Total 70 $ 1,880 0 $ 0 Required information Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units @ $18.00 cost 30 units @ $27.00 cost 25 units @ $32.00 cost Required: Monson sells 25 units for $45 each on December 15. Of the units sold, 12 are from the December 7 purchase and 13 are from the December 14 purchase and assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance # of units Cost per unit Cost of Goods Available for ale # of units sold Cost Cost of per unit Goods Sold # of units in ending inventory Cost per Ending unit Inventory Purchases: December 7 15 $ 18.00 $ 270 $18.00 $ 0 $ 18.00 $ 0 December 14 30 27.00 810 27.00 0 27.00 0 December 21 25 32.00 32.00 0 800 1,880 Total 70 $ 0 $ 0 0 $ 0