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 15 units 29 units 25 units $18.00 cost $27.00 cost $32.00 cost Required Monson sells 25 units for $45 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 Cost of Goods Sold Inventory Balance Cost of #of #of units Cost per Inventory Balance Cost per Goods Date un Available forunits Cost per Cost of Goods unit unit Sold unit sold Sale December 7 1518.00$270.00 15$ 18.00270.00 December 14 =| $ 0.00 $0.00 December 15 27.000.00 $ 18.00 27.00- December 21 $ 32.00| $ 0.00 $ 18.00 $ 27.001 = $ 32.001 = Totals $0.00