Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $39 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Date December 7 December 14 Total December 14 December 15 Total December 15 December 21 Totals 10 units @ $25.00 cost 20 units @ $31.00 cost 15 units @ $33.00 cost Goods purchased # of units Cost per unit Cost of Goods Available for Sale Perpetual LIFO: # of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance Cost per unit # of units Inventory Balance

Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $39 each. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method