! Required information Use the following information for the Quick Study below..... Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 16 units @ $10.00 cost 33 units @ $15.00 cost 26 units @ $18.00 cost QS 5-14A Periodic: Inventory costing with FIFO LO P3 Required: Monson sells 26 units for $25 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on FIFO. Periodic FIFO: Cost of Goods Available for Sale Cost of Goods Cost per # of units Available for unit Sale Cost of Goods Sold # of Cost units Cost of sold per unit Goods Sold Inventory Balance # of units Cost per Ending in ending unit inventory Inventory Purchases: December 7 160 $ 160 16 $ 10.00 $ 33 15.00 16 $10.00 10 15.00 December 14 495 150 33 15.00 495 December 21 26 18.00 468 26 18.00 468 963 Total 75 $ 1,123 26 $ 3101 59 $