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 perpetual inventory system. Also, on December $15,$ Monson sells $15$ units for $$60$ each.

Purchases on December $7$Purchases on December $14$

$20$ units @ $$52\mathrm{.}00$ cost

Purchases on December $21$

$15$ units @ $$54\mathrm{.}00$ cost

QS $5-15$A $($Algo$)$ Perpetual: Assigning costs with FIFO LO P$3$

Required:

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

Note: You must enter your answers in the date order provided in the question.