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 $10 each. Purchases on December Purchases on December 14 Purchases on December 18 units @ $4.00 cost 35 units @ $6.00 cost 28 units @ $7.00 cost 22 Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Cost of Goods Sold Inventory Balance Goods Purchased Cost Per Goods Unit Purchased of Cost Per Cost of Goods of Units Date of Units finite Cost Per Cost of Goods Unit Sold Cost Per Unit Inventory Balance Sold December 7 December December December Totals