(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 periodic 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 FIFO method Periodic FIFO: Cost of Goods Available for Sale Cost of Goods Cost per # of units Available for unit Sale Cost of Goods Sold Inventory Balance # of Cost of units units Cost of Cost per Ending sold per unit Goods Sold in ending unit Inventory Inventory 101 S 600 $ Purchases Decomber 7 December 14 December 21 Total 60 10 S 600 $ 20 12.00 15 14.00 45 $ 60 240 210 510 0 10 12.00 14.00 15 $ 60 210 210 15 $