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 $28$ units for $$50$ each.

Purchases on December $7$

Purchases on December $14$

Purchases on December $21$

Required:

Monson sells $28$ units for $$50$ each on December $15.$ Of the units sold, $14$ are from the December $7$ purchase and $14$ 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.