Check 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 26 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 16 units $10.00 cost 33 units @ $15.cost 26 units $18.00 cost QS 5-10 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 method. VRINNEN 7 ! Required information Perpetual FIFO: Inventory Balance #of Units Goods Purchased Cost Per Goods Unit Purchased Date Cost of Goods Sold #of Units Cost Per Cost of Goods Sold Unit of Sold Cost Per Unit Inventory Balance December 7 December 14 December 15 December re to search