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 15 units for $20 each Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units Es 6.00 cost 20 units $12.00 cost 15 units e $14.00 cost 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 Perpetual FIFO: Inventory Balance Goods Purchased Cost Per Goods Unit Purchased Cost of Goods Sold #of Units Cost Per Cost of Goods Unit Sold Sold of Units Inventory Balance Cost Per Unit # of Units Date December 7 December 14 Mlavt Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method Perpetual FIFO: Goods Purchased Dato of Units Cost Par Unit Goods Purchased Cost of Goods Sold # of Cost Per Cost of Goods Units Unit Sold Sold Inventory Balance Cost Por Inventory of Units Unit Balance December 7 December 14 December 15 December 21 Totals