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 19 units @ $18.00 cost 35 units @ $27.00 cost 29 units @ $32.00 cost Required: Monson sells 29 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. Cost of Goods Sold Inventory Balance Perpetual LIFO: Goods purchased Cost of Date # of Cost per Goods units unit Available for Sale December 7 19 @ $ 18.00 = $342.00 # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance 19 @ $ 18.00 = $ 342.00 December 14 December 15 $ 27.00 = $ 18.00 = $ 27.00 = December 21 $ 32.00 = $ 18.00 $ 27.00 = $ 32.00 = Totals