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 $20 each. Purchases on December 7 Purchases on December 14 10 units @ $ 6 cost 20 units @ $12 cost Purchases on December 21 15 units @ $14 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 Sold # of units Cost per unit Inventory Balance December 7 10 at SA 6.00 = $ 60.00 II 20 at $ 12.00 = $ 240.00 December 14 Total December 14 December 15 Total December 15 December 21 Totals 15 at $ 14.00 = $ 210.00 $ 12.00 = SA $ 0.00 10 at $ 6.00 $ 60.00 10 at $ 6.00 = $ 60.00 20 at $ 12.00 = 240.00 $ 300.00 LO 5 $ 12.00 = $ 60.00 10 10 $ 6.00 II = 60.00 $ 120.00 10 at $ 6.00 = $ 60.00 15 at $ 14.00 = 5 at $ 12.00 = 210.00 60.00 $ 330.00