of 3 QS 5-14A Periodic: Inventory costing with FIFO LO P3 Required: Monson sells 25 units for $45 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on FIFO. Periodic FIFO: Cost of Goods Available for Sale Cost Cost of # of Goods units per Available unit for Sale Answer is complete but not entirely correct. Cost of Goods Sold Inventory Balance #of Cost Cost of # of units Cost units per Goods in ending per Ending sold Sold Inventory unit Inventory wait Purchases 270 s 270 15 18.00 30 27.00 15 18.00 15 27.00 810 15 27.00 405 405 December 7 December 14 December 21 Total 25 32.00 800 320 10 3 32.00 320 10 32.00 25 70 $ 1,880 S 725 40 $ 995