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 30 units for $40 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $16.00 cost 35 units @ $24.00 cost 30 units @ $29.00 cost 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 method Perpetual FIFO Goods Purchased Cost of Goods Sold Inventory Balance Prey 1 of 1 Next Perpetual FIFO: Goods Purchased Inventory Balance Cost Per # of Units Inventory Unit Balance # of Units Date Cost of Goods Sold # of Cost Per Cost of Goods Units Unit Sold Sold Cost Per Unit Goods Purchased December 7 December 14 December 15 December 21 Totals