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 $25 each. of 2 Purchases on December Purchases on December 15 units e $10.00 cost 30 units @ $15.00 cost 25 units e $18.00 cost 1:14:56 Purchases on December 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. Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Inventory Balance Goods Purchased Cost Per Goods Unit Purchased # of Units Cost of Goods Sold Cost Per Cost of Unit Goods Sold Date of Units Sold of Units Inventory Per Unit Balance December 7 December 14 December 15 December 21 Totals