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 $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units $6 cost 20 units 15 units $12 cost $14 cost Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Answer is complete but not entirely correct. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of Units Cost Per Unit # of Cost Cost Goods Purchased Units Per Cost of Goods Sold # of Units Per Inventory Balance Sold Unit Unit December 7 10 at $ 6.00- $60.00 10 at $ 6.00 60.00 $ $ $ 20 at December 14 12.00 20 at 240.00 $240.00 12.00 10 at $6.00 = Total December 14 60.00 $300.00 $ at $48.00 15 at $6.00 $ 90.00 12.00 December 15 $ at 12.00 $84.00 Total December 15 December 21 Totals 15 at 14.00 210.00 15 at TO 15 at $6.00 $ = $ 90.00 14.00 $132.00 210.00 $300.00