5 Part 1 of 4 0.95 points Required information Use the following information for the Quick Study below. (Algo) (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 $34 each eBook Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units $20.00 cost 20 units $26.00 cost 15 units $28.00 cost Hint QS 6-11 (Algo) Perpetual: Assigning costs with FIFO LO P1 References Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Inventory Balance Perpetual FIEO Goods Purchased Cost of Goods Sold Dats # of Units Cost Per Unit Goods Purchased #of Units Soldi Cost Per Cost of Goods Unit Sold # of Unite Inventory Belence Cost Per Unit December 7 December 14 Total December 14