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 27 units for $40 each Purchases on December 7 Purchases on December 14 Purchases on December 21 17 units 516.00 cost 33 units @ $24.00 cost 27 units $29.00 cost QS 5-15A (Algo) Periodic: Inventory costing with FIFO LO P3 Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Periode FIFO Cost of Goods Available for Solo Coot of Goods sold Cost of Goods W of of units Available for Cost of Cost per units Goods Sold Sale unit sold Inventory Balance of units Cost per Ending In onding unit Inventory Inventory Cost per 272 Purchases: December 7 December 14 December 21 Total 16.00 $ 24.00 792 17 s 33 27 77 $ 24,00 0.00 S 1.064 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 Sold Cost of Goods # of # of units Cost of Cost Available for unit units Sale per unit Goods Sold sold Cost per Inventory Balance # of units In ending Cost per Ending unit Inventory Inventory $ 0 $ 0.00 $ 0 Purchases: December 7 December 14 December 21 Total 0.00 0 Oo 0 $ 0.00 0 0 $ 0 S