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 $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units @ $10.00 cost 30 units $15.00 cost 25 units @ $18.00 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. Answer is complete but not entirely correct. Perpetual FIFO: Cost of Goods Sold Cost Date # of Units Goods Purchased Cost Goods Per Purchased Unit $ $ 10.00 150.00 # of Units Sold Per Unit Cost of Goods Sold Inventory Balance Cost Inventory # of Units Per Balance Unit $ 15 @ $ 150.00 10.00 December 7 15 December 14 30 @ $ 15.00 = $ 450.00 15 = $ 150.00 $ 10.00 $ 15.00 30 = 450.00 $ 600.00 December 15 25 X @ $ 25.00 $ 625.00 10 x 6.00 X = $ 60.00 XX 10 @ $ 6.00 x $ 60.00 December 21 25 > $ 18.00 $ 450.00 10 X @ $ 6.00 X = $ 60.00