Required information Use the following information for the Quick Study below. (Algo) (11-14) [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 $26 each. Purchases on December 7 10 units @ $12.00 cost Purchases on December 14 20 units @ $18.00 cost Purchases on December 21 15 units @ $20.00 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 Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of Units Cost Per Goods # of Cost Per |Cost of Goods Unit Purchased Units Unit Sold # of Units Cost Per Inventory Sold Unit Balance December 7 10 at $ 12.00 $ 120.00 10 at $ 12.00 120.00 20 at $ 18.00 $ 360.00 a 18.00 December 14 360.00 10 at $ 12.00 120.00 Total December 14 480.00 10 at $ 12.00 December 15 120.00 5 at $ 18.00 = $ 90.00 Total December 15 15 at $ 20.00 $ 300.00 December 21 Totals GB 210.00