Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: 10 units $ 6.00 cost Purchases on December 7 $12.00 cost Purchases on December 14 20 units 15 units $14.00 cost Purchases on December 21 QS 5-14A Periodic: Inventory costing with FIFO LO P3 Required: Monson sells 15 units for $20 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on FIFO. Inventory Balance Periodic FIFO: Cost of Goods Available for Sale Cost of Goods Sold Cost per Cost of Goods Available for # of units Cost per in ending inventory # of Cost Cost of Ending Inventory #of units units unit unit per unit Goods Sold Sale sold Purchases: December 7 December 14 December 21 Total