Required information Use the following information for the Quick Study below (Static) (15-18) The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a periodic inventory system. 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 56 cost 20 units $12 cost 15 units $14 cost QS 5-17A (Static) Periodic: Inventory costing with weighted average LO P3 Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round cost per units to 2 decimal places.) Weighted average-Periodic Cost of Goods Sold Average Cost per Goods Available for Sale of units Cost per unit Cost of Goods Available for Sale of units sold Unit Ending Inventory of units Cost of Goods Sold In ending Inventory Ending Average Cost per unit Inventory Purchases December 7 December 14 December 21 Total $ $ 0.00 $ 0.00 Check m QS 5-19 (Static) Contrasting inventory costing methods LO A1 Identify the inventory costing method (SI, FIFO, LIFO, or WA) best described by each of the following separate statements. Assume a period of increasing costs. 1. Results in the highest cost of goods sold. 2. Yields the highest net income. 3. Has the lowest tax expense because of reporting the lowest net income. 4. Better matches current costs with revenues. 5. Precisely matches the costs of items with the revenues they generate