QS 5-12 (Static) Periodic: Inventory costing with LIFO LO P1 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Required information Use the following information for the Quick Study below (Static) (11-14) [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a periodic inventory system. Also, on December 15 , Monson sells 15 units for $20 each. QS 5-12 (Static) Periodic: Inventory costing with LIFO LO P1