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 $45 each Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $18.00 cost 32 units @ $27.00 cost 28 units @ $32.00 cost Required: Monson sells 28 units for $45 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: Inventory Balance of Goods purchased Cost per Cost of Goods unit Available for Sale Cost of Goods Sold #of units Cost per Cost of Goods unit sold Sold Date of units Cost per unit Inventory Balance 18 $ 18.00 $ 324.00 December 7 December 14 321 $ 27.00) 5 86400 @ $ 27.00 = $ 0.00 December 15 December 21 $ 000 Required: Monson sells 28 units for $45 each on December 15. Monson uses a perpetual Inventory system. Determine the costs assign December 31 ending inventory when costs are assigned based on LIFO. Perpetual LIFO Inventory Balance Goods purchased Cost per Cost of Goods Available for unit Cost of Goods Sold # of Cost per Cost of Goods units unit sold Sold Cost per Date of units # of units Inventory Balance unit Sale 1818,00 $ 324.00 December 7 December 14 321 $ 27.00 - $ 864.00 Be @ $ 27.00 - $ 0.00 December 15 e December 21 $ 0.00 @ Totals