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 29 units for $50 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 19 units @$20.00 cost 36 units @ $30.00 cost 29 units @ $36.00 cost Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Goods Purchased Date # of Units Cost Per Unit Goods Purchased # of Units Sold Cost of Goods Sold Cost Per Cost of Goods Unit Sold # of Units Inventory Balance Cost Per Unit Inventory Balance December 7 December 14 Total December 14 December 15 S 1 Part 1 of 4 Purchases on December 7 Purchases on December 14 Purchases on December 21 19 units @$20.00 cost 36 units @ $30.00 cost 29 units @$36.00 cost Slived 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 Sold Cost Per Cost of Goods Unit Sold # of Units Inventory Balance Cost Per Unit Inventory Balance 01:06:43 December 7 6.66 bints 03 December 14 Total December 14 December 15 Total December 15 December 21 Totals 9 Hel