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 29 units for $50 each Purchases on December 7 Purchases on December 14 Purchases on December 21 19 units @ $20.00 cost 36 units @ $30.00 cost 29 units @ $36.00 cost FIFO: Required: Determine the costs assigned to the December 31 ending inventory based on ElFO method. Periodic Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance Cost of # of Cost Goods # of Cost Cost of of units Cost units per Ending units per Goods in ending per Available unit for Sale sold unit Sold inventory unit Inventory Purchases: December $ 19 $ $ 7 20.00 380 19 $ 380 20.00 December 14 36 30.00 1,080 36 30.00 1,080 30.00 December 21 29 36.00 1,044 29 36.00 1,044 36.00