Use the following information for the Quick Study below. 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 20 units @ $10.00 cost 36 units @ $15.00 cost 30 units @ $18.00 cost QS 5-10 Periodic: Assigning costs with FIFO LO P1 Required: Monson sells 30 units for $25 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on FIFO. Periodic FIFO: Cost of Goods Available for Sale Cost of Goods # of units Sale Cost per Available for Cost of Goods Sold # of units Cost Cost of sold per unit Goods Sold Inventory Balance # of units Cost per Ending in ending unit Inventory inventory unit Purchases: December 7 20 $ 10.00 $ 200 December 14 36 15.00 540 15.00 30 18.00 540 18.00 December 21 Total 86 $ 1,280 QS 5-11 Periodic: Inventory costing with LIFO LO P1 Required: Monson sells 30 units for $25 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 weighted average method. (Amounts to be deducted should be indicated with a minus sign. Round cost per units to 2 decimals.) Periodic LIFO: Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods # of units unit Sale Cost per Available for # of units sold Inventory Balance # of units in ending Cost per Ending unit inventory Inventory Cost Cost of per unit Goods Sold Purchases: December 7 $ O $ 0.00 $ 0 December 14 0 0.00 O December 21 0 0.00 0 Total 0 $ 0 0 0 0 $ 0 QS 5-13 Periodic: Inventory costing with specific identification LO P1 Required: Monson sells 30 units for $25 each on December 15. Of the units sold, 16 are from the December 7 purchase and 14 are from the December 14 purchase and assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Cost per Cost of Goods Available for Sale # of units # of units sold Inventory Balance # of units in ending Cost per Ending unit inventory Inventory Cost Cost of per unit Goods Sold unit Purchases: December 7 December 14 December 21 Total