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. perpetual fifo: