! 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 December 7 Purchases on December 14 Purchases on December 21 10 units 20 units $17.00 cost $23.00 cost 15 units @ $25.00 cost Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Goods Purchased Cost of Goods Sold Date # of Units Cost Per Unit Goods Purchased # of Units Cost Per Cost of Goods Unit Sold # of Units Inventory Balance Cost Per Unit Inventory Balance Sold December 7 10 at $17.00 = $170.00 December 14 Total December 14 December 15 Total December 15 December 21 Totals 20 at $23.00 = $ 460.00