Required information Use the following information for the Quick Study below (Static) (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 15 units for $20 each. Purchases on December 7 Purchases on December 14 10 units $6 cost 20 units $12 cost Purchases on December 21 15 units $14 cost QS 5-15A (Static) Periodic: Inventory costing with FIFO LO P3 Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Purchases: December 7 December 14 December 21 Total Periodic FIFO Goods Available for Sale of units Cost per unit Cost of Goods Available for Sale # of units sold Cost of Goods Sold Cost Cost of per unit Goods Sold # of units In ending Inventory Ending Inventory Cost per Ending unit Inventory $ 0.00 0.00 Required information Use the following information for the Quick Study below (Static) (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 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units 10 units $ 6 cost $12 cost 15 units $14 cost QS 5-16A (Static) Periodic: Inventory costing with LIFO LO P3 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Purchases: December 7 December 14 Periodic LIFO: Cost of Goods Available for Sale Cost of Goods Sold of units Cost per Cost of Goods Available for unit Sale #of units sold Cost Cost of per unit Goods Sold in ending Inventory Inventory Balance of units Cost per Ending unit Inventory $ $0.00 $ 0 0.00 0 December 21 0.00 Total $ 0 0 $ 0 0 $ 0