! Required information Trey Monson starts a merchandising business on December 1 and enters into three Inventory purchases Purchases on December 7 Purchases on December 14 Purchases on December 21 17 units @ $8.00 cost 34 units $12.00 cost 27 units @ $14.00 cost Required: Monson sells 27 units for $20 each on December 15. Assume the periodic inventory system is used. 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 Cost per of units Available for unit Sale Cost of Goods Sold #of unito Cost Cost of sold per unit Goods Sold Inventory Balance # of units in ending Cost per Ending unit Inventory Inventory $ 0 0 $0.00 $ 0.00 0 0 Purchases December 7 December 14 December 21 Total 0 000 5 0 0 $ g 0 $ 0 Required information Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 17 units @ $8.00 cost 34 units @ $12.00 cost 27 units @ $14.00 cost Required: Monson sells 27 units for $20 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to ending Inventory when costs are assigned based on the weighted average method (Amounts to be deducted should be indicated with a minus sign. Round cost per units to 2 decimals.) Periodic Weighted Average Inventory on hand Cost of Goods Sold of units Cost per Inventory of units Avg.cont per Cost of unit Value sold unit Goods Sold $ 0 0 0 Purchase - December 7 Purchase Decomber 14 Purchase. December 21 Available for Sale December Sales Total 0 0 $ 0 $ 0