Irey Monson starts a merchandising business oryDecember 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. 10 units @ $6 cost Purchases on December 7 Purchases on December 14 20 units @ $12 cost Purchases on December 21 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 Inventory Balance Date # of Units Cost Per Unit Goods Purchased # of Units Cost Per Cost of Goods Unit Sold # of Units Cost Per Inventory Unit Balance Sold December 7 10 at $ 6.00 $ 60.00 10 at $ 6.00- $ 60.00 20 at $ 12.00 $240.00 December 14 10 at $ 6.00- 20 at $ 12.00- $ 60.00 240.00 Total December 14 December 15 Total December 15 December 21 Totals 10 at $ 10 at $ 6.00- $ 60.00 6.00- $ 60.00 21 at $ 14.00- $294.00 15 at $ 120.00 $ 300.00