Required information Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 27 units for $40 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 17 units @ $16.00 cost 33 units @ $24.00 cost 27 units @ $29.00 cost QS 5-11 Perpetual: Inventory costing with LIFO LO P1 Required: Monson sells 27 units for $40 each 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 of Goods # of units Cost per Available for Cost per Cost of Goods Cost per Date # of units sold # of units Inventory Balance unit unit Sale Sold unit December 7 171@ $ 16.00] = $ 272.00 17 @ $ 16.00 $ 272.00 December 14 33 @ $ 24.00] = $ 792.00 17 a $ 272.00 $ 16.00 = $ 24.00 = 331 @ 792.00 $1,064.00 December 15 27 @ 171 @ $ 16.00 $ 272.00 @ $ 272.00 December 21 27 @ $ 29.00] = $ 783.00 17 @ $ 16.00 = $ 272.00 @ @ Totals $ 272.00