Required information Use the following information for the Quick Study below. (Algo) [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 perpetual inventory system. Also, on December 15, Monson sells 25 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units @ $18.00 cost 29 units @ $27.00 cost 25 units @ $32.00 cost QS 5-16A (Algo) Perpetual: Inventory costing with LIFO LO P3 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Cost of Goods Sold Inventory Balance Cost Perpetual LIFO: Goods purchased Cost Cost of # of Date Goods per units unit Available for Sale December 7 # of units sold Cost of Goods Sold Cost per per # of units Inventory Balance unit unit December 14 December 15 December 21 Totals Required information Use the following information for the Quick Study below. (Algo) [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 perpetual inventory system. Also, on December 15, Monson sells 30 units for $40 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $16.00 cost 35 units @ $24.00 cost 30 units @ $29.00 cost QS 5-15A (Algo) Perpetual: Inventory costing with FIFO LO P3 Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Perpetual FIFO: Goods Purchased Cost of Goods Sold Cost # of Cost Cost of # of Goods Date Per Units Purchased Per Goods Units Unit Sold Unit Sold December 7 Inventory Balance Cost # of Units Per Inventory Balance Unit December 14 December 15 December 21 Totals