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 28 units for $10 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $4.ee cost 35 units @ $6.ee cost 28 units @ $7.ee cost QS 5-10 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 Date # of Cost Per Goods Units Unit Purchased December 7 18 @ $ 4.00 = $ 72.00 Cost of Goods Sold # of Cost Per Units Cost of Sold Goods Sold Inventory Balance # of Units Inventory Cost Per Unit Balance Unit 18 @ $ 4.00 = $ 72.00 December 14 351 $ 6.00 = $ 210.00 $ 72.00 18 @ $ 4.00 = 35 @ $6.00 = 210.00 $ 282.00 December 15 28@ $ 10.00= $ 280.00 December 21 28 @ $ 7.00 = $198.00 Totals $ 280.00