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 20 units @ $14.00 cost 36 units @ $21.00 cost 30 units @ $25.00 cost Required: Monson sells 30 units for $35 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. Periodic LIFO: Cost of Goods Available for Sale Cost of Goods Sold Cost per Cost of Goods Available for Sale # of units # of units sold Inventory Balance # of units Cost per Ending in ending unit Inventory inventory Cost Cost of per unit Goods Sold unit Purchases: December 7 December 14 December 21 Total