Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 30 units for $50 each Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $20.00 cost 34 units @ $30.00 cost 30 units @ $36.00 cost Required: Monson sells 30 units for $50 each on December 15. Of the units sold, 16 are from the December 7 purchase and 14 are from the December 14 purchase. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on specific identification Specific Identification Perpetual: Goods purchased Inventory Balance Cost of Goods Sold #of Cost per Cost of Goods units unit sold Sold Date Cost per Cost per # of units unit # of units Inventory unit Balance 20 ml s 20.00 = $ 400.00 December 7 20 @ $ 20.00 $ 400.00 December 14 34 $ 30.00 $ 1,020.00 $ 400.00 20 @ $ 20.00 = 34 $ 30.00 1,020.00 $1,420.00 December 15 0.00 0.00 $ December 21 30 @ $ 36.00 $ 1,080.00 $ 20.00 $ 30.00 $36.00 54 1.944 00 $ 1,944.00 Totals