Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 30 units for $25 each.

Purchases on December 7	20 units @ $10.00 cost
Purchases on December 14	36 units @ $15.00 cost
Purchases on December 21	30 units @ $18.00 cost

QS 5-15A Perpetual: Inventory costing with LIFO LO P3

Required: Monson sells 30 units for $25 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 the LIFO method.

Perpetual LIFO Goods Purchased Cost of Goods Sold Inventory Balance #of Units Cost per unit Goods Purchased # of Units Cost per unit Cost of Goods | Sold Cost Per Inventory Balance Date # of Units Unit Sold December 7 December 14 December 15 December 21 true Totals