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 26 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 16 units @ $10.00 cost 33 units @ $15.00 cost 26 units @ $18.00 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 Per Goods Unit Purchased # of Units Cost of Goods Sold # of Units Cost Per Cost of Goods Sold Unit Sold Date Inventory Balance # of Units Cost Per Inventory Unit Balance December 7 December 14 December 15 December Totals