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 28 units for $50 each Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units $20.00 cost 32 units @ $30.00 cost 28 units @ $36.00 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: Goods Purchased Cost of Goods Sold Inventory Balance #of #of Units Cost Per Unit Goods Purchased Cost Per Cost of Goods hased Units Sold Cost Per Inventory Balance Date Unit Sold # of Units Unit December 7 December December 15 December 21 Totals