1 of 4 Trey Monson starts a merchandising business on December and enters into the following three inventory purchases. Monson uses a periodic inventory system. Also, on December 15, Monson sells 25 units for $45 each Purchases on December 7 15 units $18.00 cost Purchases on December 14 29 units a $27.00 cost Purchases on December 21 25 units $32.00 cost nts OS 5-11 (Algo) Periodic: Assigning costs with FIFO LO P1 Required: Determine the costs assigned to the December 31 ending inventory based on FIFO method. Periodic FIFO Answer is complete but not entirely correct. Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance Cost of of Cost Goods of Cost Cost of of units Coat units per units Available per Goods Ending in ending unit Der sold for Sale un Sold inventory Inventory unit $ 270 15 3 270 Purchases December 7 December 14 December 21 THAN 15 18.00 2927 00 18.00 10 27.00 783 270 10 27.00 25 32.00 OOO 270 o 25 32.00 69 800 1.653 800 1.070 $ 25 5 540 35 5