Information: Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. During December, Monson sells 15 units for $20 each on December 15.

Required Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. (Round per unit costs and inventory amounts to dollars and cents.)

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Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @$ 6.00 cost 20 units @ $12.00 cost 15 units @ $14.00 cost