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 $35 each. Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. 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 $35 each. Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method