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 $10 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $4.00 cost 35 units @ $6.00 cost 28 units @ $7.00 cost S 5-12 (Algo) Periodic: Inventory costing with LIFO LO P1 etermine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Answer is not complete. eriodic LIFO: Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory urchases December 7 18 $ 4.00 IS 72 $ 18 x 4.00 $ 72 18$4.00 IS 72 35 6.00 210 10 X 6.00 IS 60 35 6.00 210 December 4 December 1 28 7.00 196 7.00