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 28 units for $10 each 18 units @ $4.00 cost 35 units $6.00 cost 28 units @ $7.00 cost Purchases on December 7 Purchases on December 14 Purchases on December 21 QS 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 Cost Per #of Goods Cost Per Cost of Goods Cost Per Inventory Balance Date Units # of Units Units Unit Purchased Unit Sold Unit Sold December 7 December 14 December 15 December 21 Totals