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Required information Use the following information for...

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Accounting

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Required information Use the following information for the Quick Study below. Trey Monson starts a merchondising business on December 1 and enters into the following three inventory purchases. Also, on December 15 , Monson sells 30 units for $25 each. QS 5-11 Perpetual: Inventory costing with LIFO LO P1 Required: Monson sells 30 units for $25 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 30 units for $25 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

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