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 28 units for $35 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $14.00 cost 33 units @ $21.00 cost 28 units @ $25.00 cost QS 5-11 Perpetual: Inventory costing with LIFO LO P1 Required: Monson sells 28 units for $35 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 units Cost per unit Cost of Goods Available for Sale # of units sold Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance December 7 18 @ $ 14.00 $ 252.00 December 14 33 @ $ 21.00 $ 693.00 $ 21.00 = $ 0.00 December 15 December 21 28 @ $ 25.00 = $ 700.00 Totals