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Trey Monson starts a merchandising business on December 1 and enters into the following three inventory...

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 18 units @ $14.00 cost Purchases on December 14 33 units @ $21.00 cost Purchases on December 21 28 units @ $25.00 cost 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 unit Cost of Goods Sold # of units Cost per unit Inventory Balance
December 7 $0.00
December 14 $0.00
$0.00
December 15
December 21 $0.00
Totals
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