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 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 5-11 Perpetual: Inventory costing with LIFO LO P1 Required: Monson sells 27 units for $40 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 Cost of Goods Sold Inventory Balance Goods purchased Cost of Goods Cost per Available for unit Sale Date # of units # of units sold Cost per Cost of Goods unit Sold #of units Cost per unit Inventory Balance December 7 December 14 Perpetual LIFO Goods purchased Cost of Goods Sold Inventory Balance Cost per Date # of units Cost of Goods Available for Sale # of units sold Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance unit December 7 December 14 December 15 December 21 Totals