[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. PurchasesonDecember7PurchasesonDecember14PurchasesonDecember2110unitse$6cost20unitse$12cost15units&$14cost QS 511 (Static) Perpetual: Assigning costs with FIFO LO P1 Required: Determine the costs assigned to the December 31 ending inventory based on the FFFO method. S 5-11 (Static) Perpetual: Assigning costs with FIFO LO P1 equired: etermine the costs assigned to the December 31 ending inventory based on the FIFO method