Trey Monson starts a merchandising business on December $1$ and enters into the following three inventory purchases.Monson uses a periodic inventory system. Also, on December $15,$ Monson sells $29$ units for $$45$ each.Purchases on December $7$Purchases on December $14$Purchases on December $2119$ units @ $$18\mathrm{.}00$ cost$35$units$$27\mathrm{.}00$cost$29$ units @ $$32\mathrm{.}00$ costDetermine the costs assigned to ending inventory when costs are assigned based on the FIFO method.