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Required information Use the following information for the Quick Study below. (Algo) (11-14) [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three invent Monson uses a perpetual inventory system. Also, on December 15 , Monson sells 15 units for $26 each. QS 6-11 (Algo) Perpetual: Assigning costs with FIFO LO P1 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Required: Petermine the costs assigned to the December 31 ending inventory based on the FIFO method