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Required information [ The following information applies to the questions displayed below. ] Trey Monson starts a merchandising business on December 1 and enters into

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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 $26 each.
\table[[Purchases on December 7,10 units @ $12.00 cost],[Purchases on December 14,20 units @$18.00 cost],[Purchases on December 21,15 units @$20.00 cost]]
Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
\table[[Date,Perpetual LIFO:],[Goods purchased,Cost of Goods Sold,Inventory Balance],[# of units,\table[[Cost per],[unit]],\table[[Cost of Goods],[Available for],[Sale]],\table[[# of],[units],[sold]],\table[[Cost per],[unit]],\table[[Cost of Goods],[Sold]],# of units,\table[[Cost per],[unit]],\table[[Inventory],[Balance]]],[December 7],[December 14],[Total December 14],[],[December 15],[],[Total December 15],[,,,,,,,,,],[December 21],[Totals,,,,,,,,,]]
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