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Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a periodic Inventory system. Also on December 15, Monson sells 28 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units e $18.00 cont 32 units e $27.00 cost 28 units e $32.00 cont QS 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: Cost of Goods Sold Cost of Goods Available for Sale Cost per Cost of Goods # of units Available for unit Salo #of Inventory Balance # of units in ending Cost per Ending unit inventory Inventory units sold Cost Cost of per unit Goods Sold 0 Purchases December 7 December 14 December 21 Total 0 18 32 28 78 $ 18.00 $ 27.00 32.00 $ 324 864 896 2,084 18 $ 18.00 $ 324 32 27.00 864 0 32.00 50 $ 1,188 32.00 28 28 896 896 $