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 periodic inventory system. Also, on December 15, Monson sells 27 units for $40 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 17 units $16.00 cost 33 units @ $24.00 cost 27 units @ $29.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Purchases: Ending Inventory Periodic FIFO: Goods Available for Sale Cost of Goods Sold # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory December 7 17 $ 16.00 $ 272 17 $ 16.00 $ 272 0 December 14 33 24.00 792 $ 24.00 $ 408 December 21 27 29.00 783 0 27 29.00 783 Total 77 $ 1,847 17 $ 272 44 $ 1,191 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Purchases: December 7 December 14 December 21 Total Periodic LIFO: Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost Cost of per unit Goods Sold # of units in ending Cost per Ending unit Inventory inventory Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round cost per units to 2 decimal places.) Purchases: December 7 December 14 December 21 Total Goods Available for Sale Weighted average - Periodic Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale # of units sold Average Cost per Unit Cost of Goods Sold # of units in ending inventory Average Ending Cost per unit Inventory