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 27 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 17 units $8.00 cost 34 units@$12.00 cost 27 units $14.00 cost QS 6-10 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 EIEO: Goods Purchased Cost of Goods Sold Inventory Balance #of Units Sold # of Units Cost Per Unit Goods Purchased Cost Per Cost of Goods Unit Cost Per Unit Inventory Balance Date # of Units Sold December 7 December 14 December 15 December 21 Totals