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 27 units for $40 each. Purchases on December 7 17 units e $16.00 cost Purchases on December 14 Purchases on December 21 33 units $24.00 cost 27 units $29.00 cost QS 5-11 (Algo) Perpetual: Assigning costs with FIFO LO P1 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. Date Perpetual Goods Purchased Cost of Goods Sold Goods # of Cost Per # of Units Cost Per Cost of Goods Units Unit Purchased Unit Sold Sold 17 S 10.00 - $ 272.00 Inventory. Balance # of Units Cost Per inventory Unit Balance December 7 17 S 10.00 - $ 272.00 331 $ 24.00 $ 792.00 17 at 5272.00 December 14 $10.00 - $ 2400 - 33 79200 51,064 00 Total December 14 17 at $. 1600- 17 5 24001 - $408.00 December 15 $ 272.00 5 272.00 17 at $16.00 Total December 15 27 5 29.00 $ 78300 December 21 554400 Total