! Required information [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 $21 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $7.00 cost 20 units @ $13.00 cost 15 units @ $15.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit Cost of Goods Available for Sale # of units Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance sold December 7 20 at $ 13.00 = $ 260.00 December 14 10 at $7.00 = $ 70.00 10 at $7.00 = $ 70.00 10 at $7.00 = $ 70.00 20 at $13.00 = 260.00 Total December 14 $ 330.00 10 at $ 7.00 = $ 70.00 December 15 0 at 20 at $13.00 = $7.00 = 140.00 Total December 15 $ 140.00 December 21 Totals 15 at $ 15.00 = $ 225.00 0 at $13.00 = 20 at $7.00 = $ 140.00 15 at $ 70.00 $15.00 = $ 225.00 $ 365.00