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 28 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $10.00 cost 35 units @ $15.00 cost 28 units @ $18.00 cost QS 5-16A (Algo) Perpetual: Inventory costing with LIFO LO P3 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO Goods purchased Cost of Goods Sold Inventory Balance Date Cost per # of units Cost of Goods Available for Sale # of units sold unit Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance December 7 Cost of Goods Sold Inventory Balance Goods purchased Cost of Goods unit Sale Date # of units Cost per Available for # of units sold Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance December 7 December 14 December 15 December 21 Totals Hemming Co. reported the following current-year purchases and sales for its only product. Units sold at Retail Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals Units Acquired at Cost 215 units @ $10.60 - $ 2,279 320 units @ $15.60 - 4,992 415 units $20.60 - 8,549 115 unita e s25.60 - 2,944 1,065 units $18,764 180 units $40.60 260 units $40.60 400 units $40.60 840 units Exercise 5-9 (Algo) Specific identification LO P1 Hemming uses a periodic inventory system. Ending inventory consists of 40 units from the March 14 purchase, 70 units from the July 30 purchase, and all 115 units from the October 26 purchase. Using the specific identification method, calculate the following. Hemming uses a periodic inventory system. Ending inventory consists of 40 units from the March 14 purchase. 70 units from the July 30 purchase, and all 115 units from the October 26 purchase. Using the specific identification method, calculate the following. a) Cost of Goods Sold using Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Activity Cost Per Ending Invent Unit Inventory Date #of units Cost Per Ending # of units sold Unit COGS Cost Per Unit Units Cost 215 Jan. 1 Mar. 14 July 30 Oct 26 320 Beginning inventory Purchase Purchase Purchase 415 115 1,085 b) Gross Margin using Specific Identification Less Equals