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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 $$35$ each.

Purchases on December $7$

Purchases on December $14$

Purchases on December $21$

$10$ units @ $$21\mathrm{.}00$ cost

$20$ units@ $$27\mathrm{.}00$ cost

$15$ units @ $$29\mathrm{.}00$ cost

Required:

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