Required information Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Part 1 of 4 Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $14.00 cost 36 units @ $21.00 cost 30 units @ $25.00 cost points eBook Required: Monson sells 30 units for $35 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on FIFO. Hint Periodic FIFO: Inventory Balance Cost of Goods Available for Sale Cost per Cost of Goods # of units Available for unit Sale Cost of Goods Sold #of Cost Cost of units # of units cost per Ending Print sold per unit Goods Sold in ending inventory unit Inventory References $ 20 $14.00 $ 280 Purchases: December 7 December 14 December 21 Total 20 36 01 86 $ 14.00 21.00 25.00 280 756 750 1,786 21.00 25.00 3 $ 20 $ 280