Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $6.00 cost 20 units @ $12.00 cost 15 units $14.08 cost Required: Monson sells 15 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 LIFO. Perpetual LIFO! Goods purchased Cost of Goods Sold Inventory Balance Date #of units Cost per unit cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold Hof units Cost per unit Inventory Balance December 7 hol@ 5 6.00 = S 60.00 10 @ 6.00 $ 60.00 December 14 20 @ $ 12.00 - $ 240.00 10 @ s 8.00 = 60.00 20 @ $ 12100 = 240.00 $ 300.00 December 15 15 @ 12.00 = $ 180.00 @ 6.00 = @fils 12.00 December 21 0.00 Totals S180.00