Required information Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. 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 Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of Units Cost Per Unit Goods Purchased # of Units Sold Cost Per Cost of Goods Unit Sold # of Units Cost Per Unit Inventory Balance December 7 December 14 December 15 December 21 Totals