Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a periodic inventory system. Also, on December 15, Monson sells 28 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units $18.00 cost 32 units @ $27.00 cont 28 units & $32.00 cost QS 5-12 (Algo) Periodic: Inventory costing with LIFO LO P1 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 # of units unit Available for Sale Cost of Goods Sold Inventory Balance Cost # of units units Cost of Cost per Ending sold per unit Goods Sold in ending unit Inventory Inventory # of Cost per 118 $ 0 Purchases December 7 December 14 December 21 Total $0.00 $ 0.00 0 Oo oo 0.00 18 $ 0 $ 0 0 $ 0