Requireu lorillium 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 30 units for $40 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $16.00 cost 35 units @ $24.00 cost 30 units @ $29.00 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. Monson sells 30 units for $40 each on December 15. Of the units sold, 16 are from the December 7 purchase and 14 are from the December 14 purchase. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on specific identification. Cost of Goods Sold Inventory Balance Specific IdentificationPerpetual: Goods purchased # of Cost per Date units unit # of units inite sold Cost per Cost of Goods # of units Cost per unit Sold unit Inventory Balance December 7 December 14 December 15 December 21 Totals Required: Monson sells 30 units for $40 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on LIFO. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit Cost of Goods # of Available for units Sale sold Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance December 7 $ $ 0.00 0.00 December 14 $ 0.00 December 15 December 21 1 $ 0.00 Totals Perpetual FIFO: Goods Purchased Inventory Balance # of Units Cost Per Inventory Unit Balance Date # of Units Cost Per Unit Cost of Goods Sold # of Cost Per Cost of Goods Units Unit Sold Sold Date Goods Purchased December 7 December 14 December 15 December 21 Totals Monson sells 30 units for $40 each on December 15. Of the units sold, 16 are from the December 7 purchase and 14 are from the December 14 purchase. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on specific identification. Cost of Goods Sold Inventory Balance Specific IdentificationPerpetual: Goods purchased # of Cost per Date units unit # of units inite sold Cost per Cost of Goods # of units Cost per unit Sold unit Inventory Balance December 7 December 14 December 15 December 21 Totals