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 15 units @ $10.00 cost Purchases on December 14 30 units @ $15.00 cost Purchases on December 21 25 units @ $17.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Goods Available for Sale Cost of #of Cost Goods units per unit Available for Sale Answer is complete but not entirely correct. Periodic FIFO Cost of Goods Sold Ending Inventory # of Cost Cost of # of units Cost units Ending per Goods in ending per sold unit Sold inventory Inventory unit 15 $ 150 $ 150 0 Purchases: December 7 December 14 December 21 Total $ 10.00 15.00 15 $ 10.00 30% 15.00 30 450 450 30 X $ 15.00 $ 450 > > 25 17.00 425 25 17.00 425 0 45 70 1,025 $ 600 55 $ 875 S