QS 5-11 Perpetual: Inventory costing with LIFO LO P1 Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases Purchases on December 7 Purchases on December 14 Purchases on December 21 17 units $16.00 cost 33 units@ $24.00 cost 27 units @ $29.00 cost Required Monson sells 27 units for $40 each on December 15. Monson uses a perpetual inventory system Determine the costs assigned to the December 31 ending inventory when costs are assigned based on LIFO Perpetual LIFO: Goods purchased os Goods Sold Inventory Balance Cost of Goods #of #of units Cost per able for units Sale Cost per unit Cost of Goods Sold Cost per Inventory Balance Date unit Available for unit sold December 7 17 S 16.00 $272.00 17S 16.00$ 272.00 December 14 $ 0.00 $0.00 December 15 $24.00$0.00 $ 16.00!= $ 24.001= $ 16.00!= $ 24.001 = 29.00 December 21 $ 29.00$ 0.00 Totals $0.00