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 Decenber 7 Purchases on Decenber 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 LIFO method. Purchases: December 7 December 14 December 21 Total Periodic LIFO: Cost of Goods Available for Sale Cost of Goods Cost of Goods Sold Inventory Balance # of units Cost per Available for unit Sale # of units sold # of units Cost Cost of per unit Goods Sold in ending inventory Cost per Ending unit Inventory < Prev 12 13 of 18 Next >