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 29 units for $50 each Purchases on December 7 19 units @ $20.00 cost Purchases on December 14 36 units @ $30.00 cost Purchases on December 21 29 units a $36.00 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, Inventory Balance Date Perpetual FIFO: Goods Purchased Cost of Goods Sold W of Cost Per Goods # of Units Cost Per Cost of Goods Unit Units Purchased Unit Sold Sold of Units Cost Per Unit Inventory Balance December 7 December 14 Total December 14 December 15 Total December 15 December 21 Totals