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 28 units for $10 each. Purchases on December 18 units @ $4.00 cost 35 units @ $6.00 cost Purchases on December 14 Purchases on December 21 28 units @ $7.00 cost Required: Monson sells 28 units for $10 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 Cost of Goods #of Cost per Date Available for # of units sold Cost per Cost of Goods unit Sold of units Inventory Balance Sale December 7 December 14 December 15 December 21