Chapter 5 Homework 2 Part 1 of 2 3 01 Required information Use the following information for the Quick Study below. (Static) (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 $20 each Purchases on December 1 Purchases on December 14 10 units 20 units Purchases on December 21 15 units cost $12 cost $14.00 QS 5-11 (Static) Perpetual: Assigning costs with FIFO LO P1 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual Firo Goods Purchased Cost of Goods Sold Coet Per Unil Goods Purchased Unite Bold Cost Per Cost of Goods Unit Bold # of Units Unit aventory Balance Cost Per Inventory Balance December 7 10 $6.00 $60.00 2012.00- $240.00 December 14 Tu December 14 December 15 Total December 15 15 14.00-$210.00 Check my work