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Required information Use the following information for the Quick Study below. (Algo) (11-14) 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 $35 each. Purchases on December 7 10 units @ $21.00 cost Purchases on December 14 20 units @ $27.00 cost Purchases on December 21 15 units @ $29.00 cost QS 6-11 (Algo) Perpetual: Assigning costs with FIFO LO P1 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Cost of Goods Sold # of Cost Per Cost of Goods Units Unit Sold Sold Goods Purchased Cost Per Goods # of Units Unit Purchased Inventory Balance # of Units Cost Per Inventory Unit Balance Date December 7 December 14 Total December 14