Required information Use the following information for the Quick Study below...... Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases Purchases on December 15 units $18.00 cost Purchases on December 29 units @ $27.00 cost 14 Purchases on December 25 units @ $32.ee cost 21 QS 5-17A Periodic: Inventory costing with specific identification LO P3 Required: Monson sells 25 units for $45 each on December 15. Of the units sold, 12 are from the December 7 purchase and 13 are from the December 14 purchase and assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on specific identification Required information costs are assigned based on specific identification. Answer is not complete. Specific Identification Cost of Goods Sold Inventory Balance Cost of Goods Available for Sale Cost Cost of # of Goods per units Available unit for Sale # of units sold Cost per unit Cost of Goods Sold of units in ending inventory Cost per Ending Inventory $ $ 15 270 $ 18.00 $ Purchases: December 7 December 14 December 21 216 1S 12 18.00 13 27.00 783 351 888 Total 1,853 567 Required: Monson sells 25 units for $45 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on FIFO. * Answer is not complete. Periodic FIFO: Cost of Goods Available for Sale Cost Cost of of Goods per units Available unit for Sale Cost of Goods Sold # of Cost Cost of units per Goods Goods sold unit Sold Inventory Balance #of units Cost in ending Ending per inventory unit Inventory Purchases December 7 $ 270 December 15 29 25 1800 27.00 32.00 783 December 27.00 32.00 800 1853 $