rey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 23 units for $30 each. Purchases on December 7 13 units @ $12.00 cost Purchases on December 14 30 units @ $18.00 cost Purchases on December 21 23 units @ $22.00 cost Monson sells 23 units for $30 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.

Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 23 units for $30 each.
Purchases on December 7 13 units @ $12.00 cost
Purchases on December 14 30 units @ $18.00 cost
Purchases on December 21 23 units @ $22.00 cost
Monson sells 23 units for $30 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.

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