Required information Use the following information for the Quick Study below (Static) (15-18) [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 periodic inventory system. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 10 units @ $ 6 cost Purchases on December 14 20 units @ $12 cost Purchases on December 21 15 units @ $14 cost QS 5-16A (Static) Periodic: Inventory costing with LIFO LO P3 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Periodic LIFO: Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance Cost per Cost of Goods # of Cost Cost of # of units # of units Cost per Ending unit Available for units per unit Goods Sold in ending Sale sold inventory unit Inventory Purchases: December 7 10 $ 6.00 $ 60 $ 6.00 $ December 14 20 12.00 40 12.00 December 21 15 14.00 210 14.00 Total 45 $ 510 0 $ 0 0 $ 0