QS 5-15 Periodic: Inventory costing with LIFO LO P3 Required: Monson sells 25 units for $45 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to ending Inventory when costs are assigned based on the LIFO method. Periodic LIFO Cost of Goods Available for Sale Cost Cost of W of per Goods units Available unit for Sale Answer is complete but not entirely correct. Cost of Goods Sold Inventory Balance # of Cost Cost of of units Cost Ending units Goods In ending per sold unit Inventory unit Inventory per Sold s 15 270 $ 0 270 $ 18.00 Purchases: December 7 December 14 December 21 Total $ 15 18.00 10 27.00 O 18.00 20 27.00 810 $ 540 270 IS 30 27.00 253200 70 800 0 32.00 25 25 32.00 45 800 1,340 $ $ $ 1,880 540 7. 111 Moy