Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 5 ! Part 1 of 4 Required information Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 28 units for $10 each. 8.33 points Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $4.00 cost 35 units @ $6.00 cost 28 units @ $7.00 cost QS 6-10 Perpetual: Assigning costs with FIFO LO P1 Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO B. Next > of 12 5 6 7 8 8 of 12 5 6 7 1:16 PM 10/17/2020 Valle 8 of 12 6 6 7 8 of 12 ! of 12 6 7 8 7 8 of 12 28 @ $ 5.32 148.96 December I 15 $ 5.32 $ 74.48 14 x @ 28 a December 21 7.00 196.00 28 @ S 700 $ 2.63 X 196 00 $ 110 46 42 @ Average cost 148 96 Totals 78 de of 12 1:34 PM 10/17/2020 W