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 10 unita $ 6 cost Purchases on December 14 20 units 512 cost Purchased on December 21 15 units. 514 Oost QS 5-11 (Static) Perpetual: Assigning costs with FIFO LO P1 7:18 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method Perpetual FIO Cost of Goods Sold #of Cost Per Cost of Goods Units Sold Unit Sold Goods Purchased of Units Cost Per Goods Unit Purchased Inventory Balance of Units Costa Inventory Und Balance Date 1 December 7 December 14 Total December 14 December 15 Total December 15 Goods Purchased Inventory Balance Perpetual FIFO: Cost of Goods Sold # of Units Cost Per Cost of Goods Unit Sold Sold Date 7 of Units Cost Per Unit Goods Purchased # of Units Cost Per Unit Inventory Balance December 7 December 14 Total December 14 December 15 Total December 15 December 21 Totals