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 25 units for $25 each. Purchases on December 7 Purchases on December 14 15 units @ $10.00 cost Purchases on December 21 30 units @ $15.00 cost 25 units @ $17.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Periodic FIFO: Goods Available for Sale # of units Cost per unit Cost of Goods Available for # of units Cost per unit Cost of Goods Sold Cost of Goods Sold # of units in ending Ending Inventory Cost per unit Ending Inventory Sale sold inventory Purchases: December 7 15 $ 10.00 $ 150 0 December 14 30 15.00 450 0 December 21 25 17.00 425 0 Total 70 $ 1,025 15 $10.00 $ 150 30 $ 15.00 $ 450 25 17.00 425 70 $ 1,025