Required information Trey Monson starts merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 8 units @ $20.00 cost 17 units @ $30.00 cost 15 units @ $36.00 cost Required: Monson sells 15 units for $50 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 Inventory Balance Cost of Goods Cost per Available for unit Sale Cost of Goods Sold # of Cost Cost of units sold per unit Goods Sold # of units # of units in ending inventory Cost Ending per unit Inventory Purchases: December 7 December 14 December 21 Total