Required information Use the following information for the Quick Study below. (Algo) [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 perpetual inventory system. Also, on December 15, Monson sells 27 units for $40 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 17 units @ $16.00 cost 33 units @ $24.00 cost 27 units @ $29.00 cost QS 5-16A (Algo) Perpetual: Inventory costing with LIFO LO P3 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Cost of Goods Sold Inventory_Balance Perpetual LIFO: Goods purchased Cost Cost of Date # of Goods units per unit Available for Sale December S 17 @ 7 $ 272.00 16.00 December S 33 @ $ 792.00 14 24.00 # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance 17 @ S 16.00 $ 272.00 17 @ $ 272.00 $ 16.00 S 24.00 33 @ 792.00 S 1,064.00 December 15 27 @ S 1,080.00 27 IS 24.00 $ 648.00 40.00 $ 648.00 December 21 27 @ S 29.00 $783.00 27 @ S 24.00 = $ 648.00 33 X @ 29.00 $ 957.00 @ Totals S 1,080.00 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. $ 1,605.00