! 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 $31 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $17.00 cost 20 units @ $23.00 cost 15 units $25.00 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 sold Cost per Cost of Goods unit # of units Sold Cost per unit Inventory Balance December 7 20 at $23.00 = $ 460.00 10 at $17.00 = $ 170.00 10 at $17.00 = $ 170.00 December 14 10 at $ 17.00 = 20 at $ 170.00 $ 23.00 = 460.00 Total December 14 $ 630.00 December 15 Total December 15 December 21 Totals 15 at $ 25.00 = $ 375.00 15 at $ 25.00 = $ 375.00 at at $ 375.00