U Mal - Sougay Saint... work Saved Help Save & Exit Check 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 10 units for $50 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 8 units $20.00 cost 1 7 units @ $30.00 cost 15 units e $36.00 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 Cost of Goods Sold Inventory Balance ework i Seved Help Se method. Perpetual FIFO: Goods Purchased Date #of Units Cost Per Unit Goods Purchased Cost of Goods Sold w of Cost Per Cost of Goods Units Sold Unit Sold Inventory Balance of Units Cost Per Inventory Unit Balance # of Units December 7 December 14 December 15 December 21 Totals MacBook Air