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 10 units for $50 each Purchases on December 7 Purchases on December 14 Purchases on December 21 8 units a $20.00 cost 17 units @ $30.00 cost 15 units @ $36.00 cost Required: Monson sells 10 units for $50 cach 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 per of Cost per Cost of Goods Available for Sale #of units sold Date Cost per Cost of Goods unt Sold of units Inventory Balance unit units unit December BO 520.00 - $ 160,00 17 05 30 00 5510.00 December 14 PILIEU Cost of Goods Sold Inventory Balance Goods purchased Cost of Goods Cost per Available for unit Sale Cost per of units # of units sold # of units Date Inventory Balance Cost per Cost of Goods unit ald unit December 7 8 @ $ 20.00 $ 160,00 December 14 171 $ 30.00 - $ 510.00 @ $ 30.00 11 $ 0.00 10 December 15 $ 50.00 $ 500.00 December 21 15 @ $ 36,00] = $ 540.00 $ 500.00 Total