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[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 perpetual inventory system. Also, on December 15, Monson sells 15 units for $31 each.

Purchases on December 7	10 units @ $17.00 cost
Purchases on December 14	20 units @ $23.00 cost
Purchases on December 21	15 units @ $25.00 cost

Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method.

Transcribed image text: Required information [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.perpetual inventory system. Also, on December 15 , Monson sells 15 units for $31 each. Purchases on Decenber 710 units e $17.00 cost Durchases on Decenber 1420 units e $23.00 cont Purchases on Deceaber 21 is units 8$25.00 cost Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.) Of the units sold, 8 are from the December 7 purchase and 7 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification