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12 art 2 of 3 nts Return to qu Required information [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 periodic inventory system. Also, on December 15, Monson sells 28 units for $35 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $14.00 cost 33 units @ $21.00 cost 28 units @ $25.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Answer is complete but not entirely correct. Periodic LIFO: Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance Cost Cost of Goods # of Cost # of units Cost per per units # of units in ending inventory per unit Available for Sale sold unit unit Purchases: 0 X $ 14.00 14.00 21.00 23 X 21.00 25.00 28 25.00 51 ! 14 December 7 December December 21 Total 18 33 28 79 $ $ $ 252 693 700 1,645 $ 18 x 14.00 10 X 21.00 $ 25.00 0x 28 Cost of Goods Sold $ 252 $ 210 $ 462 Ending Inventory $ 0 483 $ 700 1,183 69 69 $