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 $20 each. Purehases on December 7 Purchases on December 14 Purchases on December 21 17 units @ $9.00 cont 34 units $12.00 cost 27 units # $14.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Periodic LIFO: Cost of Goods Available for Sale Cost of Goods Sold Cost per Cost of Goods Available for Sale # of units #of units sold Inventory Balance of units in ending Cost per Ending unit Inventory Inventory Cost Cost of per unit Goods Sold unit 136 0 Purchases: December 7 December 14 December 21 Total $ 8.00 $ 12.00 408 0 17 $ 8.00 $ 34 12.00 27 14.00 78 $ 14.00 378 922 NIN $ $ 378 378 0 0 $ 0