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 30 units for $35 each. Purchases on December 7 20 units @ $14.00 cost Purchases on December 14 36 units @ $21.00 cost Purchases on December 21 30 units @ $25.00 cost QS 5-16A (Algo) Periodic: Inventory costing with LIFO LO P3 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 Cost per # of units Cost Cost of unit units Available for Sale sold per unit Goods Sold Inventory Balance # of units Cost per Ending In ending unit Inventory Inventory Purchases: December 7 December 14 December 21 Total