Required information Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 28 units for $10 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $4.00 cost 35 units @ $6.00 cost 28 units @ $7.00 cost QS 5-11 Perpetual: Inventory costing with LIFO LO P1 Required: Monson sells 28 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: Inventory Balance Goods purchased Cost of Goods Sold Cost of Goods #of Cost per Cost per Cost of Goods Available for units unit unit Sold Sale sold Date # of units # of units Cost per unit Inventory Balance December 7 December 14 December 15 December 21 Totals