to Know Videos Help Save & Required information Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases 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 $6.00 cost 20 units @ $12.00 cost 15 units $14.00 cost Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method Perpetual FIFO: Goods Purchased Cost Per Goods Unit Purchased of Units Cost of Goods Sold Cost Per Cost of Goods Unit Sold # of Units Sold Date Inventory Balance # of Units Cost Per Inventory Unit Balance December Required information Perpetual FIFO: Goods Purchased Inventory Balance #of Date Cost of Goods Sold #of Cost Per Cost of Goods Units Unit Sold Sold Cost Per Unit Goods Purchased #of Units Units Cost Per Unit Inventory Balance December 7 December December 15 Total