Required information Use the following information for the Quick Study below. (Algo) [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 periodic inventory system. 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 $18.ee cost 3e units $27.ee cost 25 units $92.ee cost QS 5-11 Algo) Periodic: Assigning costs with FIFO LO P1 Required: Determine the costs assigned to the December 31 ending inventory based on FIFO method. QS 5-11 (Algo) Periodic: Assigning costs with FIFO LO P1 Required: Determine the costs assigned to the December 31 ending inventory based on FIFO method. Periodic FIFO: Cost of Goods Available for Sale # of units Cost per Cost of Goods #of Cost of Goods Sold Cost Cost of units sold per unit Goods Sold Inventory Balance # of units in ending Cost per Ending unit Inventory inventory unit Available for Sale Purchases: December 7 15 $18.00 $ 270 270 810 December 14 27.00 15 $ 18.00 $ 30 27.00 25 32.00 70 $ 800 32.00 December 21 Total 25 25 800 800 1,880 15 $ 270 $