! 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 $21 each. 10 units @ $7.00 cost Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $13.00 cost 15 units @ $15.00 cost Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Specific Identification Goods Available for Sale # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost of Goods Sold Cost Cost of per unit Goods Sold Ending Inventory in ending # of units Cost per Ending unit Inventory inventory Purchases: December 7 10 $ 7.00 $ 70 10 $ 7.00 $ 70 10 $ 7.00 $ 70 December 14 20 13.00 260 20 13.00 260 20 13.00 260 December 21 15 15.00 225 15 15.00 225 15 15.00 225 Total 45 $ 555 45 $ 555 45 $ 555