! Required information Use the following information for the Quick Study below. (Algo) (15-18) [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a periodic inventory system. Also, on December 15, Monson sells 18 units for $10 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 8 units @ $4.00 cost. 26 units @ $6.00 cost 18 units @ $7.00 cost QS 5-15A (Algo) Periodic: Inventory costing with FIFO LO P3 Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Periodic FIFO: Goods Available for Sale Cost of Goods Sold # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Purchases: December 7 8 $ 4.00 $ 32 December 14 26 6.00 156 December 21 18 7.00 126 Total 52 52 EA $ 314 Ending Inventory Cost per unit $ 6.00 7.00 Ending Inventory Check my work