ook int int erences Required information Use the following information for the Quick Study below (Static) (15-18) [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 periodic 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 QS 5-15A (Static) Periodic: Inventory costing with FIFO LO P3 Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.