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! Required information [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 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $ 6 cost 20 units @ $12 cost 15 units @ $14 cost Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method, Inventory Balance Perpetual FIFO: Cost of Goods Sold #of Units Cost Per Cost of Goods Unit Sold Sold Goods Purchased Goods # of Units Cost Per Unit Purchased Date # of Units Cost Per Unit Inventory Balance December 7 10 at $ 6.00 = $ 60.00 10 at $ 6,00 $ 60.00 20 at $ 12.00 $ 240,00 December 14 10 at $ 6.00 20 at $ 12.00 = $ 60.00 240.00 $ 300.00 Total December 14 15 at $ 12.00 = $ 180.00 December 15 10 at 15 at $ 6,00 $ 12.00 $ 60.00 $ 180.00 Total December 15 15 at $ 14.00 = $ 210.00 December 21 10 at 15 at $ 12.00 - $ 14.00 $ 120.00 210.00 $ 330.00 Totals $ 240,00