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Required information Use the following information for the Quick Study below. (Algo) (11-14) (The following information applies to the questions displayed below.) 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 30 units for $50 each. Purchases on December 7 20 units @ $20.00 cost Purchases on December 14 34 units @ $30.00 cost Purchases on December 21 30 units @ $36.00 cost Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Cost of Goods Sold # of Cost Per Cost of Goods Units Sold Unit Sold Date Goods Purchased Cost Per Goods # of Units Unit Purchased Inventory Balance Cost Per Inventory # of Units Unit Balance December 7 December 14 Total December 14 December 15 Total December 15 December 21 Totals