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Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases:

Purchases on December 7	18 units @ $18.00 cost
Purchases on December 14	32 units @ $27.00 cost
Purchases on December 21	28 units @ $32.00 cost

a. Required: Monson sells 28 units for $45 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 LIFO method.

b. Required: Monson sells 28 units for $45 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.)

c. Required: Monson sells 28 units for $45 each on December 15. Of the units sold, 14 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.

Periodic LIFO:Cost of Goods Available for SaleCost of Goods SoldInventory Balance# of unitsCost per unitCost of Goods Available for Sale# of units soldCost per unitCost of Goods Sold# of units in ending inventoryCost per unitEnding InventoryPurchases:December 7$0$0.00$0December 1400.000December 2100.00Total0$00$00$0

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