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 @ $10.00 cost 30 units $15.00 cost 25 units @ $18.00 cost Required Monson sells 25 units for $25 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: alan Cost of Goods #of Cost per Cost per In ventory Balance Date nble fr units Cost per Cost of Goods units unit Sold unit sold Sale December 7 15@| $ 10.00| $150.00 15 S 10.00150.00 December 14 December 15 15.00 S 10.00- $ 15.00= December 21 S 18.00 $ 10.001 = $ 15.001 = $ 18.00!= Totals