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 $22 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $8.00 cost 20 units @$14.00 cost 15 units @ $16.00 cost 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 Date # of units Cost per unit Cost of Goods Available for Sale # of units Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance sold December 7 10 at $8.00 $ 80.00 20 at $14.00 $ 280.00 December 14 Total December 14 December 15 Total December 15 December 21 Totals 15 at $ 16.00 $ 240.00 15 at 10 at 10 at 20 at $ 8.00 = $14.00 $ 80.00 280.00 $ 360.00