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 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $ 6.00 cost 20 units @ $12.00 cost 15 units @ $14.00 cost QS 5-11 Perpetual: Inventory costing with LIFO LO P1 Required: Monson sells 15 units for $20 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 Cost of Goods Sold Inventory Balance Date # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per Cost of Goods unit # of units Sold Cost per unit Inventory Balance. December 7 December 14 10 @ $ 6.00- $ 60.00 10 $ 6.00 = $ 60.00 20 $ 12.00 = $ 240.00 10 $ 6.00 = S 60.00 20 $ 12.00- 240.00 Perpetual LIFO: Answer is not complete. Cost of Goods Sold Inventory Balance Date # of units Goods purchased Cost per Cost of # of Cost Goods units per Available unit Cost of Goods Sold # of units Cost per Inventory Balance sold unit unit for Sale December 10 7 $ 6.000 $ 60.00 10 $6.00 $ 60.00 December $ 200 14 12.00 240.00 10 20 6 $6.00 $ 60.00 6 $ @ 240.00 12.00 300.00 December 15 December 15@ 21 14.00 210.00) Totals S 150 @ 12.00 @ 180.00 @ 180.00 15@ 14.00 210.00 @ 210.00