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 29 units for $50 each. Purchases on December 7 19 units @ $20.00 cost Purchases on December 14 36 units @ $30.00 cost Purchases on December 21 29 units @ $36.00 cost Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Cost of Goods Sold # of Units Cost Per Cost of Goods Unit Sold Sold Goods Purchased # of Units Cost Per Goods Unit Purchased Inventory Balance # of Units Cost Per Inventory Unit Balance Date December 7 December 14 Total December 14 December 15 ? S Sved He! Purchases on December 7 Purchases on December 14 Purchases on December 21 19 units @ $20.00 cost 36 units @ $30.00 cost 29 units @ $36.00 cost 1 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Part 1 of 4 Goods.Purchased 5.66 bints Date Perpetual FIFO: Cost of Goods Sold #of Units Cost Per Cost of Goods Unit Sold Sold # of Units Cost Per Goods Purchased Unit Inventory Balance Cost Per # of Units Inventory Unit Balance 01:06:43 December 7 December 14 Total December 14 December 15 Total December 15 December 21 Totals m