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 29 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 19 units @ $18.00 cost 35 units @ $27.00 cost 29 units @ $32.00 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. Perpetual FIFO: Goods Purchased Date of Cost Per Goods Units Unit Purchased December 7 19 @ 18.00 - S 342.00 December 14 36 @ $ 27.00 $ 945.00 Cost of Goods Sold W of Cost Per Cost of Goods Units Unit Sold Sold Inventory Balance # of Units Cost Per Inventory Unit Balance 19 @ $ 18.00 $ 342.00 10 @ $ 18.00 $ 342.00 35 $ 27,00 - 945.00 $1,287.00 December 15 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. Perpetual FIFO: Goods Purchased #of Goods Cost Per Date Units Unit Purchased December 7 19 @ $ 18.00 S 342.00 December 14 35 @ $ 27.00 - $ 945.00 Cost of Goods Sold # of Cost Per Cost of Goods Units Sold Unit Sold Inventory Balance # of Units Cost Per Inventory Unit Balance 19 @ $ 18.00 - $ 342.00 $ 342.00 19 @ $ 18.00 351 @ $ 27.00 - 945.00 $1,287.00 December 15 December 21 29 @ $ 32.00 $ 928.00 Totals