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 10 units @ $ 6.00 cost 20 units @ $12.00 cost 15 units @ $14.00 cost Required: Monson sells 15 units for $20 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned the December 31 ending inventory when costs are assigned based on FIFO. Periodic FIFO: Inventory Balance Cost of Goods Available for Sale Cost of Goods Cost per Available for Sale Cost of Goods Sold #of Cost Cost of units per unit Goods Sold # of units unit of units in ending inventory Cost per Ending unit Inventory sold Purchases: December 7 December 14 December 21 0.00 0.00 Total