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 $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units e $18.00 cost 29 units @ $27.00 cost 25 units @ $32.00 cost QS 6-10 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: Goods Purchased Inventory Balance #of Units Date Cost Per Unit Cost of Goods Sold #of Cost Per Cost of Goods Units Unit Sold Sold Goods Purchased # of Units Cost Per Unit Inventory Balance December 7 15 @ $ 18.00 $ 270.00 December 14 19 $ 27.00 - $ 513.00 December 251 $ 45.00l = $1 125.000 QS 6-10 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: # of Units Date Goods Purchased Cost Per Goods Unit Purchased Cost of Goods Sold #of Units Cost Per Cost of Goods Unit Sold Sold Inventory Balance Cost Per # of Units Inventory Unit Balance December 7 15 @ $ 18.00 = $ 270.00 December 14 19 @ $ 27.00] = $ 513.00 December 15 25 @ $ 45,00 - $1,125.00 December 21 25 $ 32.00 = $ 800.00 Totals $1,125.00 Prey 1 of 1 18 Next