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 23 units for $30 each. Purchases on December 7 Purchases on December 14 13 units @ $12.00 cost 30 units @$18.00 cost Purchases on December 21 23 units @$22.00 cost QS 5-11 (Algo) Perpetual: Assigning costs with FIFO LO P1 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. ook Perpetual FIFO: Goods Purchased Cost of Goods Sold Date int # of Units Cost Per Unit Goods Purchased of Units Sold Cost Per Cost of Goods Unit Sold # of Units Inventory Balance Cost Per Unit Inventory Balance December 7 Print December 14 ferences Total December 14 ic raw December 15 Total December 15 December 21 Totals < Previ 3 4 5 6 of 6 Next >