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Required information Use the following Information for the Qulck 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 23 units for $30 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 13 units $12.00 cost 38 units $18.6e cost 23 units @ $22.ee cost QS 6-10 Perpetual: Assigning costs with FIFO LO P1 Required: Monson uses a perpetual Inventory system. Determine the costs assigned to the December 31 ending Inventory based on the FIFO method. Perpetual FIFO: Goods Purchased Cost of Goods Sold # of Cost Per Cost of Units Unit Sold Goods Sold Date # of Cost Per Goods Units Unit Purchased 13 @ $ 12.00 = $ 156.00 Inventory Balance # of Units Cost Per Inventory Unit Balance 13 @ $ 12.00 = $ 156.00 December 7 December 14 30 @ $ 18.00 - $ 540.00 131 $ 12.00 = $ 156.001 30 @ $18.00 = 540.00 $ 698.00 December 15 December 21 Totals