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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

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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 periodic inventory system. Also, on December 15, Monson sells 15 units for $20 each.
Purchases on December 7
Purchases on December. 14
Purchases on December 21
10 units @ $ 6 cost
20 units @ $12 cost
15 units @ $14 cost
Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.
\table[[Periodic FIFO:],[,Goods Available for Sale,Cost of Goods Sold,Ending Inventory],[,# of units,\table[[Cost per],[unit]],\table[[Cost of Goods],[Available for],[Sale]],\table[[# of],[units],[sold]],\table[[Cost],[per unit]],\table[[Cc
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