Required: Monson sells 15 units for $20 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. Periodic FIFO: Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods Available for unit Sale Cost of units Cost per Cost of Goods of units Cost of Inventory Balance of units Cost per Ending in ending unit Inventory inventory sold per unit Goods Sold Purchases December 7 December 14 December 21 Total 0.00 0.00 Required information Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units e $ 6.00 cost 20 units $12.00 cost 15 units @ $14.00 cost Required: Monson sells 15 units for $20 each on December 15. Assume the periodic Inventory system is used. Determine the costs neslaned to the December 31 ending inventory when costs are assigned based on FIFO. Periodic FIFO: Cost of Goods Available for Sale Cost of Goods Cost per # of units unit Available for Sale Cost of Goods Sold of units Cost Cost of sold per unit Goods Sold Inventory Balance of units Cost per Ending in ending unit Inventory Inventory Purchases: December 7 0.00 December 14 December 21 Total