! 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 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 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 Cost of Goods # of Cost per # of units Cost of unit Available for units unit Sale sold Goods Sold Cost per Ending Inventory # of units Cost per Ending in ending unit Inventory inventory Purchases: December 7 $ December 14 December 21 0.00 0.00 Total

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