Required information

Use the following information for the Quick Study below. $($Algo$)(15-18)$

$[$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 perpetual inventory system. Also, on December $15,$ Monson sells $29$ units for $$45$ each.

Purchases on December $7$

Purchases on December $14$

Purchases on December $21$

$19$ units @ $$18\mathrm{.}00$ cost

$35$ units @ $$27\mathrm{.}00$ cost

$29$ units @ $$32\mathrm{.}00cost$

QS $5-15$A $($Algo$)$ Perpetual: Assigning costs with FIFO LO P$3$

Required:

Retermine the costs assigned to the December $31$ ending inventory based on the FIFO method.