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 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $ 6.00 cost 20 units @ $12.00 cost 15 units @ $14.00 cost Required: Monson sells 15 units for $20 each on December 15. Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on specific identification. ! Required information Specific IdentificationPerpetual: Goods purchased # of Cost per units unit Cost of Goods Sold Inventory Balance Cost per Cost of Goods Cost per # of units Inventory unit Sold unit Balance # of units sold Date December 7 $ 0.00 December 14 $ 0.00 $ 0.00 December 15 $ 0.00 $ 0.00 December 21 $ 0.00 Totals Required: Monson sells 15 units for $20 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on FIFO. Periodic FIFO: Cost of Goods Available for Sale Cost of Goods # of units Cost per Available for unit Sale Cost of Goods Sold # of Cost Cost of units sold per unit Goods Sold Inventory Balance # of units Cost per Ending in ending unit Inventory inventory Purchases: December 7 December 14 December 21 Total 0.00 0.00 Required: Monson sells 15 units for $20 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 Sold Cost of Goods Available for Sale Cost of Goods # of units Cost per Available for Sale # of units sold Cost Cost of per unit Goods Sold Inventory Balance # of units in ending Cost per Ending unit inventory Inventory unit Purchases: $ 0 0 $ 0.00 $ 0.00 0 0 December 7 December 14 December 21 Total 0.00 0 0 0 0 $ 0 0 $ 0 Required: Monson sells 15 units for $20 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 weighted average method. (Amounts to be deducted should be indicated with a minus sign. Round cost per units to 2 decimals.) Periodic Weighted Average Inventory on hand Cost of Goods Sold # of units Inventory # of units Cost of unit Value sold Goods Sold Cost per Cost per unit Purchase - December 7 Purchase - December 14 Purchase - December 21 Available for Sale December Sales Total