Use the following information for the Quick Study below. (Algo) (11-14)Skip to question

[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 $28 each.

Purchases on December 7	10 units @ $14.00 cost
Purchases on December 14	20 units @ $20.00 cost
Purchases on December 21	15 units @ $22.00 cost

QS 6-12 (Algo) Perpetual: Inventory costing with LIFO LO P1

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