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 30 units for $50 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $20.00 cost 3 4 units & $30.00 cost 3 0 units $36.00 cost Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIF 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 December Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on th method. Perpetual FIFO: Goods Purchased Cost Per Goods Unit Purchased Cost of Goods Sold Cost Per Cost of Goods U nit Sold # of Units Sold Date Inventory Balance #of Units Cost Per Inventory Unit Balance # of Units December 7 December 14 December 15 December 21 Totals + 0 Purchases on December 7 Purchases on December 14 Purchases on December 21 + 34 units 30 units es + quired: pnson sells 30 units for $50 each on December 15. Monson uses a perpetual inventory system. Determine the costs a cember 31 ending inventory when costs are assigned based on LIFO. erpetual LIFO Inventory Balance Goods purchased Cost of Goods Sold Cost per Cost of Goods # own Available for units Cost per Cost of Goods unit Sold # of unit Date of units units unit Cost per unit Inventory Balance sa Sale s December 7 0.00 December 14 0.00 December 15 December 21 0.00 Totals