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 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $ 6.00 cost 20 units @ $12.00 cost 15 units $14.00 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 Inventory Balance # of Units Date Cost Per Unit Cost of Goods Sold # of Units Cost Pet Cost of Goods Unit Sold Sold Goods Purchased of Units Cost Per Unit Inventory Balance Y. Required information Perpetual FIFO: Goods Purchased Date #of Units Cost Per Cost of Goods Sold # of Cost Per Cost of Goods Units Unit Sold Sold Goods Purchased Unit Inventory Balance Cost Per # of Units Inventory Unit Balance December 7 December 14 December 15 December 21 Totals Required: Monson sells 15 units for $20 each on December 15. Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Monson uses a perpetual inventory system Determine the costs assigned to the December 31 ending inventory when costs are assigned based on specific identification Specific Identification Perpetual: Goods purchased # of Cost per Date units unit Cost of Goods Sold Inventory Balance of units Cost per Cost of Goods Inventory W of units Sold unit sold Balance Cost per December 7 5 000 December 14 $ 0.00 5 0.00 $ December 15 0.00 0.00 $ $ 0.00 December 21 Ch Required information Cost of Goods Sold Goods purchased # of units unit Inventory Balance Date Cost per # of units sold Cost per Cost of Goods unit Sold of units Cost per Inventory Balance December 7 $ 0.00 December 14 $ 0.00 $ 000 December 15 0.00 5 5 0.00 December 21 $ 0.00 Totals