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 21 18 units @ 54.00 cost 35 units @ $6.00 cost 28 units @ $7.00 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: #of Units Goods Purchased Cost Per Goods Unit Purchased Cost of Goods Sold Units Cost Per Cost of Goods Sold Unit Sold Inventory Balance of Units Cost Per Inventory Balance December 7 December December December Totals