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 20 units @ $16.00 cost 35 units @ $24.00 cost 30 units @ $29.00 cost Required Monson sells 30 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 Cost of Goods Sold Inventory Balance Cost of Goods #of units #of unite sold Cost per Cost per unit Cost of Goods! Sold Cost per Inventory Balance Date # of units unit Available for unit Sale December 7 20 $ 16.00$320.00 20 16.00 320.00 December 14 $ 0.00 $ 0.00 December 15 $ 24.00$ 0.00 $ 16.00 $ 24.00 December 21 $ 29.00 0.00 $16.00 - $ 24.00 - $ 29.00 Totals $ 0.00