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 $20 each. Purchases on December 7 Purchases on December 14 10 units 20 units $ 6 cost $12 cost Purchases on December 21 15 units $14 cost QS 5-12 (Static) Perpetual: Inventory costing with LIFO LO P1 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance Cost of Goods # of Date # of units Cost per unit Available for units Cost per Cost of Goods unit # of units Sold Cost per unit Inventory Balance Sale sold December 7 10 at $ 6.00- $ 60.00 10 at $ 6.00 $ 60.00 20 at $ 12.00= $ 240.00 20 at $ 12.00= $ 240.00 December 14 10 at $ 6.00 = 60.00 $ 300.00 es Total December 14 December 15 Total December 15 December 21 Totals 15 at $ 14.00 = $ 210.00