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Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 25 units for $45 each.

Purchases on December 715 units @ $18.00 costPurchases on December 1430 units @ $27.00 costPurchases on December 2125 units @ $32.00 cost

Required:

Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method.