! 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 28 units for $35 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $14.00 cost 33 units @ $21.00 cost 28 units @ $25.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Inventory Balance Perpetual LIFO: Goods purchased Cost of Goods Sold Cost of Goods # of Cost per # of units Available for Cost per cost of Goods unit units Sold unit sold Date # of units Cost per unit Inventory Balance Sale December 7 18) at $ 14.00] = $ 252.00 18 at $ 14.00] = $ 252.00 33 at $ 21.00 II $ 693.00 $ 252.00 December 14 18 at $ 14.00 = 33 at $ 21.00 = 693.00 Total December 14 $ 945.00 28 at $ 21.00/= $ 588.00 December 15 18 at $ 14.00 = 33 at $ 14.00 = $ 252.00 462.00 $ 714.00 Total December 15 28 at $ 25.00 = $ 700.00 at December 21 at 28 at $ 25.00 = $ 700.00 $ 700.00 Totals $ 588.00 Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.) Inventory Balance Date # of units Weighted Average - Perpetual: Goods purchased Cost of Goods Sold # of Cost per Cost per unit Cost of Goods units Inventory Value unit Sold sold $ 0.00 # of units Cost per unit Inventory Balance December 7 $ 0.00 December 14 Average cost December 14 $ 0.00 December 15 $ 0.00 $ 0.00 December 21 0 Average cost December 21 Totals $ 0.00 Of the units sold, 14 are from the December 7 purchase and 14 are from the December 14 purchase. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on specific identification. Specific Identification-Perpetual: Goods purchased Cost of Goods Sold Goods # of Cost per Cost per cost of Goods units # of units unit purchased unit Sold Date # of units Inventory Balance Cost per Inventory unit Balance sold December 7 18 at $ 14.00 = $ 252.00 18 at $ $ 14.00] = $ 252.00 33 at $ 21.00 693.00 14.00 = $ 252.00 December 14 18 at $ 33 at $ 21.00 = 693.00 945.00 Total December 14 $ 14.00 = $ December 15 16) at $ 14.00 20 at $ 21.00 $ 224.00 = $ 420.00 2 at $ 13 at $ 21.00 = 28.00 273.00 301.00 Total December 15 $ 28 at $ 25.00 $ 700.00 $ 14.00 = $ December 21 2 at $ 13 at $ 28 at $ 21.00 = 28.00 273.00 700.00 1,001.00 25.00 = Totals $ 644.00 $ $