Required information Use the following information for the Quick Study below. (Static) (11-14) [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 15 units for $20 each. QS 5-14 (Static) Perpetual: Inventory costing with specific identification LO P1 Of the units sold, eight are from the December 7.purchase and seven are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. QS 5-14 (Static) Perpetual: Inventory costing with specific identification LO P1 Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase, Determine the costs assigned to ending inventory when costs are assigned based on specific identification