Tamara Saad starts a merchandising business on December 1 and enters into the following three inventory purchases. During December, Monson sells 15 units for $20 each on December 15.

Purchases on December 7	10 units @ $ 6.00 cost
Purchases on December 14	20 units @ $12.00 cost
Purchases on December 21	15 units @ $14.00 cost

Required:

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			Cost of Goods Sold			Inventory Balance
	# of units	Cost per unit	Cost of Goods Available for Sale	# of units sold	Cost per unit	Cost of Goods Sold	# of units in ending inventory	Cost per unit	Ending Inventory
Purchases:
December 7	10	$6.00	$60				10	$6.00	$60
December 14	20	12.00	240				20	12.00	240
December 21	15	14.00	210		14.00
Total	45		$510	0		$0	30		$300