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 18 units for $10 each. Purchases on December 7 Purchases on December 14 8 units $4.00 cost 26 units $6.00 cost Purchases on December 21 18 units $7.00 cost Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of # of Units Cost Per Unit Goods Purchased Units Sold Cost Per Cost of Goods Unit Sold # of Units Cost Per Unit Inventory Balance December 7 20 at $ 10.00 = $ 200.00 20 at $ 10.00= $ 200.00 36 at $ 15.00 $ 540.00 36 at $ 15.00 $ 540.00 December 14 Total December 14 December 15 Total December 15. December 21 Totals 30 at $ 18.00 = $ 540.00 20 at $10.00 $ 200.00 10 at $ 15.00 - $ 150.00 $ 540.00 26 at 26 at $ 18.00 = $ 468.00 $ 350.00 = $ 468.00