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 $22 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @$8.00 cost 20 units @ $14.00 cost 15 units @ $16.00 cost Of the units sold, 8 are from the December 7 purchase and 7 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 Cost of Goods Sold # of units Cost per unit Cost of Goods Available for Sale #of units sold Cost: Cost of per unit Goods Sold in ending Inventory Ending Inventory of units Cost per Ending unit Inventory Purchases December 7 10 $ 8.00 $ 80 $8.00 $ 0 10 $ 8.00 $ 80 December 14 20 14.00 280 14.00 14.00 0 December 21 15 16.00 240 16.00 + 0 Total 45 $ 600 $ 0 10 $ 80