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Required information

Use the following information for the Quick Study below. $($Algo$)(15-18)$

$[$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 $15$ units for $\backslash (\backslash$$ $50\backslash )$ each.

$\backslash$begin$\{$tabular$\}\{$lr$\}$

Purchases on December $7$ & $8$ units @ $\backslash (\backslash$$ $20\mathrm{.}00\backslash )$ cost $\backslash \backslash$

Purchases on December $14$ & $17$ units @ $\backslash (\backslash$$ $30\mathrm{.}00\backslash )$ cost $\backslash \backslash$

Purchases on December $21$ & $15$ units @ $\backslash (\backslash$$ $36\mathrm{.}00\backslash )$ cost

$\backslash$end$\{$tabular$\}$

QS $6-16$A $($Algo$)$ Periodic: Inventory costing with LIFO LO P$3$

Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline $\backslash$multicolumn$\{13\}\{|$c$|\}\{$Periodic LIFO:$\}\backslash \backslash$

$\backslash$hline $\backslash$multirow$[$t$]\{2\}\{*\}\{\}$ & $\backslash$multicolumn$\{4\}\{|$l$|\}\{$Cost of Goods Available for Sale$\}$ & $\backslash$multicolumn$\{4\}\{|$c$|\}\{$Cost of Goods Sold$\}$ & $\backslash$multicolumn$\{4\}\{|$c$|\}\{$Inventory Balance$\}\backslash \backslash$

$\backslash$hline & $\backslash$# of units & Cost per unit & $\backslash$begin$\{$tabular$\}\{$l$\}$

Cos $\backslash \backslash$

Av

$\backslash$end$\{$tabular$\}$ & Goods e for & $\backslash$# of units sold & Cost per unit & $\backslash$multicolumn$\{2\}\{|$l$|\}\{$Cost of Goods Sold$\}$ & $\backslash$# of units in ending inventory & Cost per unit & $\backslash$multicolumn$\{2\}\{|$l$|\}\{$Ending Inventory$\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{13\}\{|$l$|\}\{$Purchases:$\}\backslash \backslash$

$\backslash$hline December $7$ & $8$ & $\backslash$$ $20\mathrm{.}00$ & $\backslash$$ & $160$ & $0$ & & & & $8$ & $\backslash$$$20\mathrm{.}00$ & $\backslash$$ & $160\backslash \backslash$

$\backslash$hline December $14$ & $17$ & $30\mathrm{.}00$ & & $510$ & $0$ & & & & $17$ & $30\mathrm{.}00$ & & $510\backslash \backslash$

$\backslash$hline December $21$ & $15$ & $36\mathrm{.}00$ & & $540$ & $15$ & $\backslash$$$36\mathrm{.}00$ & $\backslash$$ & & & & & $\backslash \backslash$

$\backslash$hline Total & $40$ & & $\backslash$$ & $1,210$ & $15$ & & $\backslash$$ & $540$ & $25$ & & $\backslash$$ & $670\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$