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 18 units $20.00 cost 32 units 28 units $30.00 cost $36.00 cost Required: Monson sells 28 units for $50 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. (Amounts to be deducted should be indicated with a minus sign. Round cost per units to 2 decimals.) Periodic LIFO: Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods # of Cost per # of units Available for unit Sale units sold Cost Cost of per unit Goods Sold in ending Inventory Balance #of units Cost per Ending unit Inventory inventory Purchases December 7 18 $ 20.00 $ 360 18 $20.00 $ 360 December 14 32 30.00 960 32 30.00 960 December 21 28 36.00 1,008 36.00 28 36.00 $ 1,008 Total 78 S 2.328 0 $ 78 $ 2,328