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 23 units for $30 each.

Purchases on December 7 13 units @ $12.00 cost

Purchases on December 14 30 units @ $18.00 cost

Purchases on December 21 23 units @ $22.00 cost

Required: Monson sells 23 units for $30 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.