Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 18 units for $10 each.

Purchases on December 7	8 units @ $4.00 cost
Purchases on December 14	26 units @ $6.00 cost
Purchases on December 21	18 units @ $7.00 cost

Required: Monson sells 18 units for $10 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 Cost of Goods Sold Inventory Balance Date # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance December 7 $0.00 December 14 $0.00 $0.00 December 15 December 21 $0.00 Totals