Required informationRequired information

$[$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 $15$ units for $$28$ each.

$\begin{array}{cc}\text{P}\text{u}\text{r}\text{c}\text{h}\text{a}\text{s}\text{e}\text{s}on\text{D}\text{e}\text{c}\text{e}\text{m}\text{b}\text{e}\text{r}7& 10\text{u}\text{n}\text{i}\text{t}\text{s}\text{@}\text{\$}14\mathrm{.}00cost\\ \text{P}\text{u}\text{r}\text{c}\text{h}\text{a}\text{s}\text{e}\text{s}on\text{D}\text{e}\text{c}\text{e}\text{m}\text{b}\text{e}\text{r}14& 20\text{u}\text{n}\text{i}\text{t}\text{s}\text{@}\text{\$}20\mathrm{.}00cost\\ \text{P}\text{u}\text{r}\text{c}\text{h}\text{a}\text{s}\text{e}\text{s}on\text{D}\text{e}\text{c}\text{e}\text{m}\text{b}\text{e}\text{r}21& 15\text{u}\text{n}\text{i}\text{t}\text{s}\text{@}\text{\$}22\mathrm{.}00cost\end{array}$

Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.

$\backslash$table$[[$Perpetual LIFO:$],[$Date$,$Goods purchased,Cost of Goods Sold,Inventory Balance$],[$# of units,$\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of Goods$],[$Available for$],[$Sale$]],\backslash$table$[[$# of$],[$units$],[$sold$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of Goods$],[$Sold$]],$# of units,$\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Inventory$],[$Balance$]]],[$December $7],[$December $14],[,,,,,,,,,],[$Total December $14],[$December $15],[],[$Total December $15],[,,,,,,,,,],[$December $21],[,,,,,,,,,],[$Totals$,,,,,,,,,]]$

$[$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 $15$ units for $$28$ each.

$\begin{array}{cc}\text{P}\text{u}\text{r}\text{c}\text{h}\text{a}\text{s}\text{e}\text{s}on\text{D}\text{e}\text{c}\text{e}\text{m}\text{b}\text{e}\text{r}7& 10\text{u}\text{n}\text{i}\text{t}\text{s}\text{@}\text{\$}14\mathrm{.}00cost\\ \text{P}\text{u}\text{r}\text{c}\text{h}\text{a}\text{s}\text{e}\text{s}on\text{D}\text{e}\text{c}\text{e}\text{m}\text{b}\text{e}\text{r}14& 20\text{u}\text{n}\text{i}\text{t}\text{s}\text{@}\text{\$}20\mathrm{.}00cost\\ \text{P}\text{u}\text{r}\text{c}\text{h}\text{a}\text{s}\text{e}\text{s}on\text{D}\text{e}\text{c}\text{e}\text{m}\text{b}\text{e}\text{r}21& 15\text{u}\text{n}\text{i}\text{t}\text{s}\text{@}\text{\$}22\mathrm{.}00cost\end{array}$

Required:

Determine the costs assigned to the December $31$ ending inventory based on the FIFO method.