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 $27 each. Purchases on December 7 Purchases on December 14 10 units @$13.00 cost 20 units @ $19.00 cost Purchases on December 21 15 units @ $21.00 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 #of Goods Purchased Sold Cost of Goods Sold Units Cost Per Cost of Goods) Unit # of Units Sold Inventory Balance Cost Per Unit Inventory Balance December 7 December 141 Total December 14 December 15 Total December 15 December 21 Totals