Required information Use the following information for the Quick Study below. (Algo) (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 purchases Monson uses a perpetual inventory system. 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 5-12 (Algo) Perpetual: Inventory costing with LIFO LO P1 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance Cost of Goods Date # of units Cost per unit Available for Sale # of units sold Cost per Cost of Goods Sold unit # of units Cost per unit Inventory Balance $ 0.00 $ 0.00 December 7 December 14 Help < Prev 6 7 8 of 26 Next > EP