Required information Use the following information for the Quick Study below. (Static) (11-14) [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 purchas Monson uses a perpetual inventory system. Also, on December 15 . Monson sells 15 units for $20 each. PurchasesonDecember7PurchasesonDeceaber14PurchasesonDecember2110unitse$6cost20units$12cost15unitse$14cost QS 5-12 (Static) Perpetual: Inventory costing with LIFO LO P1 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method