! Required information (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 28 units for $10 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $4.00 cost 35 units @ $6.00 cost 28 units @ $7.00 cost Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Goods Purchased Inventory Balance Perpetual FIFO: Cost of Goods Sold # of Cost Per Cost of Goods Units Unit Sold Sold Date # of Units Cost Per Unit Goods Purchased # of Units Cost Per Unit Inventory Balance December 7 December 14 Total December 14 December 15 Total December 15 December 21 Totals