Required Information Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 8 units @ $4.00 cost 26 units @ $6.00 cost 18 units $7.00 cost Required: Monson sells 18 units for $10 each on December 15. Assume the periodic Inventory system is used. Determine the ce assigned to the December 31 ending inventory when costs are assigned based on FIFO. Periodic FIFO: Cost of Goods Available for Sale Cost of Goods of units Cost per Available for unit Sale Cost of Goods Sold of Cost Cost of units Inventory Balance # of units Inventory unit Inventory Ending in ending Cost per sold per unit Goods Sold S $ Purchases December 7 December 14 1 December 21 321 B 26 18 52 4.00 6.00 700 6.00 7.00 Total 128 314 $ Busin....pkg - Skype-8.580...dmg 1900. 0008 P0AWXRO MacBook Air