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

$[$The following information applles 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 $$27$ each.

Purchases on December $7$

Purchases on December $14$

$10$ units @$313,00$ cost

Purchases on December $21$

$20$ units $0.$$$19,06$ cost

$15$ units $$21,00$ cost

QS $6-11($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.