Required information Use the following information for the Quick Study below....... Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $ 6.00 cost 20 units e $12.00 cout 15 units $14.00 cost QS 5-14A Periodic: Inventory costing with FIFO LO P3 Required: Monson sells 15 units for $20 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on FIFO. Periodic FIFO Cost of Goods Available for Sale Cost per Cost of Goods # of units Available for unit Sale Cost of Goods Sold # of Cost units Cost of sold per unit Goods Sold Inventory Balance of units in ending Cost per Ending unit Inventory Inventory Purchases December 7 December 14 December 21 Total 0.00 0.00