Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 28 units for $35 each. Purchases on December 7 18 units @ $14.00 cost Purchases on December 14 33 units @ $21.00 cost Purchases on December 21 28 units @ $25.00 cost Required: Monson sells 28 units for $35 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

# of units

Cost per unit

Inventory Balance

December 7

$0.00

December 14

$0.00

$0.00

December 15

December 21

$0.00

Totals