Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 18 units for $10 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 8 units @ $4.00 cost 26 units @ $6.00 cost 18 units @ $7.00 cost QS 5-10 Perpetual: Assigning costs with FIFO LO P1 Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Goods Purchased Inventory Balance # of Units Cost Per Inventory Unit Balance Date # of Units Cost Per Unit Cost of Goods Sold # of Cost Per Cost of Goods Units Unit Sold Sold Goods Purchased December 7 December 14 December 15 December 21 Totals