Required information The Company starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, The Company sells 23 units for $30 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 13 units @ $12.00 cost 30 units @ $18.00 cost 23 units @ $22.00 cost Required: The Company 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 Cost Per Cost of Goods Unit Sold Inventory Balance # of Units Cost Per Inventory Unit Balance # of Units Sold # of Units Date Cost Per Unit Goods Purchased December 7 December 14 December 15 December Purchases on December 7 Purchases on December 14 Purchases on December 21 13 units e $12.00 cost 30 units $18.00 cost 23 units $22.00 cost Required: The Company uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Cost of Goods Sold Inventory Balance # of Units Date Goods Purchased Cost Per Goods Unit Purchased # of Units Sold Cost Per Cost of Goods Unit Sold of Units Cost Per Unit Inventory Balance December 7 December 14 December 15 December 21 Totals