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Use the following information for the Quick Study below. (Algo) (11-14)

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[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 15 units for $23 each.

Purchases on December 7	10 units @ $9.00 cost
Purchases on December 14	20 units @ $15.00 cost
Purchases on December 21	15 units @ $17.00 cost

QS 5-11 (Algo) Perpetual: Assigning costs with FIFO LO P1

Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method.