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Required information Use the following information for the Quick 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 30 units for $25 each. Purchases on December 7 20 units @ $10.00 cost Purchases on December 14 36 units @ $15.00 cost Purchases on December 21 30 units @ $18.00 cost QS 5-10 Perpetual: Assigning costs with FIFO LO P1QS 5-10 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 Inventory Balance # of # of Cost Per Goods Cost Per Date Units Cost Per Cost of Goods # of Units Inventory Units Unit Purchased Sold Unit Sold Unit Balance December 7 December 14 December 15 December 21 TotalsRequired: Monson sells 30 units for $25 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 # of Cost of Goods # of Date Cost per Available for units Cost per Cost of Goods # of units Cost per Inventory units unit Sale sold unit Sold unit Balance December 7 December 14 December 15 December 21 Totals