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 27 units for $40 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 17 units @ $16.00 cost 33 units @$24.00 cost 27 units @ $29.00 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 Date # of Units Cost Per Unit December 7 December 14 December 15 December 21 Totals Cost of Goods Sold Goods Purchased # of Units Sold Cost Per Cost of Goods Unit Sold # of Units Inventory Balance Cost Per Unit Inventory Balance