Required information Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 27 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 17 units 34 units 27 units $8.00 cost $12.00 cost $14.00 cost QS 6-10 Perpetual: Assigning costs with FIFO LO P1 QS 6-10 Perpetual: Assigning costs with FIFO LO P1 Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO Goods Purchased Cost Per Goods Unit Purchased of Cost of Goods Sold of Cost Per Cost of Goods Units Unit Sold Sold Inventory Balance of Units Cost Per Inventory Unit Balance Date Units December 7 December December December Total