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 30 units for $40 each.

Purchases on December 7	20 units @ $16.00 cost
Purchases on December 14	35 units @ $24.00 cost
Purchases on December 21	30 units @ $29.00 cost

Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method.