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Required information Trey Monson starts a merchandising business on December 1 and enters into the...

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Required information Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 25 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units 29 units 25 units $18.00 cost $27.00 cost $32.00 cost Required: Monson sells 25 units for $45 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on LIFO. Required: Monson sells 25 units for $45 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on LIFO. Perpetual LIFO: Goods purchased Inventory Balance # of units Date Cost of Goods Sold of units Cost per cost of Goods sold unit Sold Cost per Cost of Goods unit Available for Sale # of units Cost per unit Inventory Balance December 7 December 14 December 15 December 21 Totals

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