Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 Required: Monson sells 28 units for $10 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Periodic LIFO: Purchases: Total December 7 December 14 December 21 Cost of Goods Available for Sale Cost of Goods Available for Sale # of units 0 Cost per unit 18 units @ $4.00 cost 35 units@ $6.00 cost 28 units @ $7.00 cost $ $ 0 0 0 0 Cost of Goods Sold # of units sold 0 Cost Cost of per unit Goods Sold 0.00 $ 0 Inventory Balance # of units Cost per Ending in ending inventory unit Inventory 0 $0.00 $ 0.00 $ 0 0 0

Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Required: Monson sells 28 units for $10 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned ending inventory when costs are assigned based on the LIFO method