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 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 #of Date Cost of Goods Cost per #ot Available for Cost per Cost of Goods unit units Cost per Inventory # of units Sale unit Sold sold unit Balance December 7 $ 0.00 December 14 $ 0.00 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 Cost of Goods Available for units units Cost per Cost of Goods Cost per of units Inventory Salo unit Sold unit Cost per # of unit sold Balance December 7 $ 0.00 December 14 $ 0.00 $ 0.00 December 15 December 21 $ 0.00 Total