Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units @ $18.00 cost 29 units @ $27.00 cost 25 units @$32.00 cost QS 5-15 Periodic: Inventory costing with LIFO LO P3 Required: Monson sells 25 units for $45 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Periodic LIFO: Cost of Goods Available for Sale Cost of Goods Cost of Goods Sold Inventory Balance # of # of units unit Cost per Available for Sale # of units units sold Cost Cost of per unit Goods Sold in ending inventory Cost per Ending unit Inventory Purchases December 7 December 14 December 21 Total