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 29 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 19 units @ $18.00 cost 35 units @ $27.00 cost 29 units @ $32.00 cost QS 5-11 Perpetual: Inventory costing with LIFO LO P1 Required: Monson sells 29 units for $45 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 Cont of Goods Sold Cost of Goods of Cost per cost of Goods units Available for unit unit Sale sold Sold Inventory Balance Cost per Inventory # of units unit Balance of Cost per Dato units $ 0.00 December 7 December 14 $ 0.00 0.00 December 15 QS 5-11 Perpetual: Inventory costing with LIFO LO P1 Required: Monson sells 29 units for $45 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: Cost of Goods Sold Inventory Balance Goods purchased Cost per Cost of Goods Available for unit Sale # of Date # of units units sold Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance 0.00 December 7 December 14 $ 0.00 $ 0.00 December 15 December 21 $ 0.00 Totals