Please help with this solution Required:Monson sells 10 units for $50 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to theDecember 31 ending inventory when costs are assigned based on LIFO.Perpetual LIFO:Goods purchasedCost of Goods SoldInventory BalanceCost of Goods# ofunitsCost per Available forunit# ofunitssoldCost per Cost of GoodsunitCost perunitInventoryBalanceDate# of unitsSoldSaleDecember 7December 14December 15December 21Totals Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases.Also, on December 15, Monson sells 10 units for $50 each.8 units @ $20.00 cost17 units @ $30.00 cost15 units @ $36.00 costPurchases on December 7Purchases on December 14Purchases on December 21

LIFO Method: It is a method of valuation of closing inventory in which system we sold first the unit…

Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 10 units for $50 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 8 units @ $20.00 cost 17 units @ $30.00 cost 15 units @ $36.00 cost