Required information Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units $10.00 cost 36 units $15.00 cost 30 units 18.00 cost Required: Monson sells 30 units for $25 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on FIFO Periodic FIFO: Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance Cost per unit Cost of Goods | # of Available for units of units Cost per Ending Cost of # of units sold per unit Goods Sold In ending inventor unit Inventory Sale Purchases December 7 December 14 December 21 20$ 10.00$ 36 15.0o 30 86 200 540 540 1,280 15.00 18.00 18.00 Total