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 15 units for $21 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units $7.00 cost 20 units $13.00 cost 15 units @ $15.00 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. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date Cost Per # of Units Unit Goods Purchased # of Units Sold Cost Per Cost of Goods Unit Sold # of Units Cost Per Inventory Unit Balance December 7 December 14 Total December 14 December 15 Total December 15 December 21 Totals < Prev 5 6 7 8 of 14 Next >