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 $50 each Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $20.00 cost 34 units @ $30.00 cost 30 units @ $36.00 Cost ok Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method 1 Perpetual FIFO: Goods Purchased #ol Date Cost Per Goods Units Unit Purchased December 7 2013 20.00 $ 400.00 #of Units Sold Cost of Goods Sold Cost Per Cost of Goods Unit Sold Inventory Balance Cost Per of Units Inventory Unit Balance December 14 341 $ 30.00 S 1,020.00 December 15 December 21 30 @ $ 36.00 S 1,080.00 Totals