7 Required information Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases Part 1 of 3 Purchases on December 7 Purchases on December 14 Purchases on December 21 10 nits 05 6.00 cost 20 units $12.00 cost 15 units $14.00 cost 2 Required: Monson sells 15 units for $20 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on FIFO. Periode FIFO Ceat of Goods Available for sale Cost of Goods Sold Cost per Cost of Goods of Cost Available for unit Cost of units sold per unit Goods Sold Inventory Balance of units Cost per Ending in ending unit invertory Inventory Purchase December 7 December 14 December 21 Total