i Required information [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 7 Purchases on December 14 Purchases on December 21 10 units $ 6 cost 20 units $12 cost 15 units $14 cost Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Goods Purchased Cost of Goods Sold # of Date # of Units Cost Per Unit Goods Purchased Units Sold Cost Per Cost of Goods Unit Sold # of Units Inventory Balance Cost Per Unit Inventory Balance December 7 10 at $ 6.00 = $ 60.00 10 at $ 6.00- $ 60.00 20 at $ 12.00- $ 240.00 10 at $ 6.00- $ 60.00 December 14 20 at $ 12.00= 240.00 Total December 14 $ 300.00 10 at $ 6.00 $ 60.00 2 at $12.00= $ 24.00 December 15 5 at $ 12.00 = $ 60.00 Total December 15 December 21 Totals 15 at $ 14.00 $ 210.00 2 at $ 12.00= $ 24.00 13 at $ 14.00= 182.00 $ 120.00 $ 206.00