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 $37 each.

Purchases on December 7	10 units @ $23.00 cost
Purchases on December 14	20 units @ $29.00 cost
Purchases on December 21	15 units @ $31.00 cost

Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.

[The following information applies to the questions displayed below.] 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 $37 each. PurchasesonDecember7PurchasesonDecember14PurchasesonDecember2110units@$23.00cost20units@$29.00cost15units@$31.00cost QS 5-12 (Algo) Perpetual: Inventory costing with LIFO LO P1 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method