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 25 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units @ $18.00 cost 30 units @ $27.00 cost 25 units @ $32.00 cost 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. # of Units Date Goods Purchased Cost Goods Per Purchased Unit $ @ 18.00 270.00 Cost of Goods Sold Cost Cost of Per Goods Sold Unit # of Units Sold Inventory Balance Cost Inventory # of Units Per Balance Unit $ 15 $ 270.00 18.00 December 7 15 = December 14 30 $ 27.00 $ 810.00 15 $ 18.00 $ 270.00 30 $ 36.00 1,080.00 $ 1,350.00 December 15 15 = $ 270.00 15 X @ $ 40.00 $ 600.00 $ 18.00 $ 22.00 30 x @ $ 660.00 $ December 21 25 @ $ 32.00 15 X $ 600.00 800.00 $ 40.00 $ 32.00 25 = $ 800.00