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[ The following information applies to the questions displayed below. ] Trey Monson starts a merchandising business on December 1 and enters into the following

[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 $32 each. Purchases on December 710 units @ $18.00 cost Purchases on December 1420 units @ $24.00 cost Purchases on December 2115 units @ $26.00 cost Of the units sold, 8 are from the December 7 purchase and 7 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification.

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