Required information Trey Monson starts a merchandising business on December 1 and enters into the following inventory purchases. Also, on December 15, Monson sells 26 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 16 units @ $10.00 cost 33 units @ $15.00 cost 26 units @ $18.00 cost Required: Monson sells 26 units for $25 each on December 15. Monson uses a perpetual inventory syster Determine the costs assigned to the December 31 ending inventory when costs are assigned ba LIFO. Required: Monson sells 26 units for $25 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based LIFO. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance Date # of units Cost per Cost of Goods Available for Sale # of units sold Cost per unit Cost per Cost of Goods unit Sold #of units Inventory Balance unit December 7 December 14 December 15 December 21 @ Totals