Required information The Company starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, The Company sells 30 units for $40 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $16.00 cost 35 units @ $24.00 cost 30 units @ $29.00 cost Required: The Company uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Goods Purchased Inventory Balance # of Units Date Cost Per Unit Cost of Goods Sold # of Units Cost Per Cost of Goods Unit Sold Sold Goods Purchased # of Units Cost Per Unit Inventory Balance December 7 December 14 December 15 December 21 Totals Required: The Company sells 30 units for $40 each on December 15. The Company uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on LIFO. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance Cost per Cost per Date # of units Cost of Goods Available for Sale # of units sold Cost per Cost of Goods unit Sold # of units Inventory Balance unit unit December 7 December 14 December 15 December 21 Totals