Required information Use the following information for the Quick Study below. (Algo) (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 $26 each. Purchasen on Decenber 710 anite $12.00 cost Purchanes on Decenber 1420 untes 1$12.00 cost turchanes on Decenber 21 15. units e $20.00 cost QS 5-11 (Algo) Perpetual: Assigning costs with FIFO LO P1 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method