! Required information Use the following information for the Quick Study below. (Algo) [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 28 units for $10 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $4.00 cost 35 units @ $6.00 cost 28 units @ $7.00 cost QS 5-11 (Algo) Periodic: Assigning costs with FIFO LO P1 Required: Determine the costs assigned to the December 31 ending inventory based on FIFO method. QS 5-11 (Algo) Periodic: Assigning costs with FIFO LO P1 Required: Determine the costs assigned to the December 31 ending inventory based on FIFO method. Periodic FIFO: Cost of Goods Available for Sale Cost of Goods Cost per # of units Available for unit Sale Cost of Goods Sold # of Cost units Cost of sold per unit Goods Sold Inventory Balance # of units in ending Cost per Ending unit inventory Inventory Purchases: December 7 18 $ 4.00 $ 72 72 $ 4.00 $ 288 December 14 35 6.00 210 210 6.00 1,260 1,372 December 21 28 7.00 196 196 7.00 Total 81 $ 478 478 $ 2,920