! Required information (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. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $ 6 cost 20 units @ $12 cost 15 units @ $14 cost Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Required: 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 # of Cost Units Per Cost of Sold Unit Goods Sold Date Goods Purchased Cost # of Units Goods Per Unit Purchased 10 at $ $ 6.00= $ 60.00 Inventory Balance Cost Inventory # of Units Per Balance Unit 10 at $ 6.00 = $ 60.00 December 7 20 at $ 12.00 = $ 240.00 10 at $ 6.00 = $ 60.00 December 14 20 at $ 12.00 = 240.00 Total December 14 $ 300.00 10 at $ 6.00 $ 60.00 5 at $ 12.00 $ 60.00 December 15 5 at = 12.00 $ 60.00 Total December 15 15 at $ 14.00 = $ 210.00 5 % at $ 12.00 = $ 60.00 December 21 15 at 14.00 210.00 Totals $ 120.00 $ 270.00