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Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Note: Round your per unit costs to 2 decimal

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Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Note: Round your per unit costs to 2 decimal places. [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 perpetual inventory system. Also, on December 15 , Monson sells 15 units for $35 each. Of the units sold, 8 are from the December 7 purchase and 7 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|} \hline & & & & & arpotu & LIFO: & & & & & \\ \hline & & pods purch & lased & & & cost of Go & ds Sold & & ntory Bala & & \\ \hline Date & E of units & \begin{tabular}{l} Contper \\ unit \end{tabular} & \begin{tabular}{l} Cost of \\ Avalia \\ Sa \end{tabular} & ofor & \begin{tabular}{l} \#of \\ units \\ sold \end{tabular} & \begin{tabular}{l} Cost por \\ unit \end{tabular} & \begin{tabular}{c} Cost of Goods \\ Sold \end{tabular} & \# of units & \begin{tabular}{l} Costper \\ unit \end{tabular} & \begin{tabular}{l} Inver \\ Bal \end{tabular} & \\ \hline December 7 & & & 5 & 0.00 & & & & & & & \\ \hline Docomber 14 & & & $ & 0.00 & & & & & & & \\ \hline December 14 & & & & & & 13 & & & & 1 & \\ \hline Totaf December 14 & & & & & & & & & & $ & 0.00 \\ \hline December 15 & & & & & & & & & & & \\ \hline & & & & & & & & & & & \\ \hline Total December 15 & & & & & & & & & & & \\ \hline & & & $ & 0.00 & & & & 17 & & & \\ \hline December 21 & & & 11 & ift & & & & & & & \\ \hline Totals & & & & & & & & & & & \\ \hline \end{tabular}

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