Required information Use the following information for the Quick Study below.... Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 16 units @ $10.00 cost 33 units @ $15.00 cost 26 units @ $18.00 cost QS 5-15 Periodic: Inventory costing with LIFO LO P3 Required: Monson sells 26 units for $25 each on December 15. Assume the periodic inventory system is used. 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 Cost of Goods Available for Cost per unit # of units # of units sold Cost Cost of per unit Goods Sold Inventory Balance # of units Cost per Ending in ending unit Inventory inventory Sale Purchases: December 7 16 $ 10.00 $ 160 3 30 33 15.00 495 13 15.00 $ 195 20 300 December 14 December 21 Total $ 10.00 $ 15.00 18.00 $ $ 18.00 18.00 26 26 75 468 1,123 468 798 $ 13 $ 195 49