Trey Monson owns a merchandising business and purchased inventory on three occasions in December: 10 units for $19 each on December 7, 20 units for $25 each on December 14, and 15 units for $27 each on December 21. On December 15, Monson sold 15 units for $33 each. Using the LIFO method, the costs assigned to ending inventory would be the costs of the units from the most recent purchase on December 21.

1. Trey Monson starts a merchandising business on December 1 and enters into the following three
inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson
sells 15 units for $33 each. Purchases on December 7 10 units @ $19.00 cost Purchases on
December 14 20 units @ $25.00 cost Purchases on December 21 15 units @ $27.00 cost
Determine the costs assigned to ending inventory when costs are assigned based on the LIFO
method.