use the correct method (PERIODIC FIFO)

15 Part 1 of 4 ! 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 periodic inventory system. Also, on December 15, Monson sells 30 units for $50 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Total Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Purchases: December 7 December 14 December 21 20 units@ $20.00 cost 34 units@ $30.00 cost 30 units @ $36.00 cost Goods Available for Sale # of units Cost per unit Periodic FIFO: Cost of Goods Available for Sale # of units sold Cost of Goods Sold Cost per unit Cost of Goods Sold Ending Inventory Cost per unit # of units in ending inventory $ 0.00 0.00 Ending Inventory