! Required information Use the following information for the Quick Study below. (Algo) (11-14) [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 perpetual inventory system. Also, on December 15, Monson sells 15 units for $37 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $23.00 cost 20 units @ $29.00 cost 15 units @ $31.00 cost QS 5-11 (Algo) Perpetual: Assigning costs with FIFO LO P1 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Goods Purchased Date # of Units Cost Per Unit Goods Purchased # of Units Cost of Goods Sold Cost Per Cost of Goods Unit Sold # of Units Inventory Balance Cost Per Unit Inventory Balance Sold December 7 10 at $23.00 $230.00 10 at $23.00 = $ 230.00 20 at $ 29.00 = $ 580.00 December 14 10 at $23.00 = 20 at $29.00 = $ 230.00 580.00 Total December 14 $ 810.00 December 15 Total December 15 December 21 Totals 15 at $ 31.00 = $ 465.00 8 at $29.00 = $ 232.00 $ 232.00