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 18 units for $10 each Purchases on December 7 Purchases on December 14 Purchases on December 21 8 units @ $4.00 cost 26 units @ $600 cost 18 units @ $700 cost Required: Monson sells 18 units for $10 each on December 15. Of the units sold, 6 are from the December 7 purchase and 12 are from the December 14 purchase Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on specific identification Specific Identification-Perpetual: Goods purchased Cost of Goods Sold Inventory Balance #of units #of units Cost per unit Date Cost per Cost of Goods unit Sold Cost per # of units unit Inventory Balance sold December December 14 December 15 December 21 Totals