Use the following information for the Quick Study below. (Algo) (11-14) [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 $34 each. PurchasesonDecember7PurchasiesonDecember14PurchasesonDecember.2110unitse$20.00cost20unitse$26.00cost15unitse$28.00cost QS 5-11 (Algo) Perpetual: Assigning costs with FIFO LO P1 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method