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 19 units Purchases on December 14 Purchases on December 21 36 units 29 units $20.00 cost $30.00 cost $36.00 cost Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of Date # of Units Cost Per Unit Goods Purchased Units Cost Per Unit Cost of Goods Sold # of Units Cost Per Unit Inventory Balance Sold December 7 19 @$ 20.00 = $ 380.00 19 @$ 20.00= $ 380.00 $ December 14 36 @$ 30.00 = 1,080.00 19 @$ 20.00 = 36 @$ 30.00 = $ 380.00 1,080.00 $1,460.00 December 15 29 @$ 30.00 = $ 870.00 19 @$20.00 = $ 380.00 December 21 S 29 @ $36.00 = 1,044.00 19 $ 20.00 = $ 380.00 7 $ 30.00 = $ 210.00 Totals $ 870.00 $ 590.00