QS 5-10 Perpetual: Assigning costs with FIFO LO P1 Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 27 units for $40 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 17 units @ $16.00 cost 33 units @ $24.00 cost 27 units @ $29.00 cost Required Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method Perpetual FIFO: ood urchased Inventory Balance #of Units Sold Cost of Goods Sold Cost Per Cost Per Unit Goods Purchased Cost Per Inventory Balance 0 Date # of Units Units ni Unit 17$ 16.00 272.00 17|@| $ 16.00!=| $ 272.00 792.00 $1,064.00 December 7 17|@ $ 16.00! $ 272.00 December 33$ 24.00792.00 33 24.00 December December 21 27$ 29.00 783.00 Totals