Use the following information for the Quick Study below. $($Algo$)(11-14)$

Skip to question

$[$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 $$25$ each.

Purchases on December $710$ units @ $$11\mathrm{.}00$ cost

Purchases on December $1420$ units @ $$17\mathrm{.}00$ cost

Purchases on December $2115$ units @ $$19\mathrm{.}00$ cost

QS $5-11($Algo$)$ Perpetual: Assigning costs with FIFO LO P$1$

Required:

Determine the costs assigned to the December $31$ ending inventory based on the FIFO method.