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 $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $10.00 cost 35 units @ $15.00 cost 28 units @ $18.00 cost Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FA method. Perpetual FIFO: Goods Purchased Cost of Goods Sold Cost Per Cost of Goods Unit Sold Inventory Balance Cost Per Inventory of Units Unit Band Wof Units of Units Date Cost PerG oo Unit Purchased Sold December 7 December December 15 Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory basec method. Perpetual FIFO: Goods Purchased Cost Per Goods Date # of Units Cost of Goods Sold # of Units Cost Per Cost of Goods SoldU nit Sold Inventory Balance # of Units Cost Per Inventory Unit Balance Purchased December 7 December 14 December 15 December 21 Totals 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 $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units e $10.00 cost 35 units @ $15.00 cost 28 units @ $18.00 cost Required: Monson sells 28 units for $25 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to December 31 ending inventory when costs are assigned based on LIFO. Perpetual LIFO: Cost of Goods Sold Inventory Balance Goods purchased Cost per Cost of Goods # of unit Available for units Sale sold Date #of Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance units December 7 December 14 December 15 December 21 Required: Monson sells 28 units for $25 each on December 15. Monson uses a perpetual inventory system. Determine the costs a December 31 ending inventory when costs are assigned based on LIFO. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance Date # of units Cost per er Cost of Goods unit 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 11 12