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 $25 each Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $10.00 cost 36 units @ $15.00 cost 3e units @ $18.00 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 Units Cost Per Unit Goods Purchased Cost of Goods Sold #of Units Cost Per Cost of Goods Sold Unit Sold Inventory Balance W of Units Cost Per Inventory Unit Balance 151 3 20.00 $ 300.00 December 7 20 l $ 10.00 $ 200.00 December 14 36 al 5 15 00 $ 540.00 15 $ 10.00 $ 150.00 301 s 15.00 450.00 $ 600.00 December 15 151 $ 10.00 $ 150.00 26 $ 15.00 $ 390 00 150 $15.00 $ 225.00