QS 5-10 Perpetual: Assigning costs with FIFO LO P1 Trey Monson starts a merchandising businesss on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 25 units for $45 each 15 units@$18.00 cost 29 units @ $27.00 cost 25 units @ $32.00 cost Purchases on December 7 Purchases on December 14 Purchases on December 21 Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method Perpetual FIFO Goods Purchased Inventory Balance Cost of Goods Sold #of Units Sold Cost Per Cost Per #of Goods Purchased Cost of Goods Sold Cost Per Inventory Balance Date #of Units Units Unit Unit Unit December 7 December 14 December 15 December 21 Totals