Required information Use the following information for the Quick Study below. (Algo) (15-18) [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 periodic inventory system. Also, on December 15 , Monson sells 30 units for $35 each. PurchasesonDecenber7PurchasesonDecember14PurchasesonDecember2120units@$14.00cost36units&$21.60cost30units@$25.00cost QS 6-15A (Algo) Periodic: Inventory costing with FIFO LO P3 Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Required information termine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Required information 1. Required information Of the units sold, 16 are from the December 7 purchase and 14 are from the December 14 purchase. Determine the costs as ending inventory when costs are assigned based on specific identification