Use the following information for the Quick Study below. (Static) (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 $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $6 cost 20 units @ $12 cost 15 units @ $14 cost QS 5-11 (Static) Perpetual: Assigning costs with FIFO LO P1 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method.

Use the following information for the Quick Study below. (Static) (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 $20 each. Purchases on December 7 Purchases on Decenber 14 Purchases on December 21 10-units8.6cost20units$12cost15unitse$14cost QS 5-11 (Static) Perpetual: Assigning costs with FIFO LO P1 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method