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Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 17 units @ $8.00 cost Purchases

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Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 17 units @ $8.00 cost Purchases on December 14 34 units @ $12.00 cost Purchases on December 21 27 units @ $14.00 cost Required: Monson sells 27 units for $20 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 Perpetual LIFO

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