Required information Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. 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 Required: Monson sells 27 units for $40 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 on LIFO. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance Date # of units unit Cost of Goods Cost per Available for Sale # of units sold Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance December 7 December 14 December 15 December 21 Totals