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 30 units for $50 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $20.00 cost 34 units @ $30.00 cost 30 units @ $36.00 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 Cost Per # of Units Unit Goods Purchased # of Units Cost Per Cost of Goods Unit Sold # of Units Inventory Balance Cost Per Unit Inventory Balance Sold December 7 December 14 Total December 14 December 15 Total December 15 December 21 Totals