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 30 units for $50 each. Purchases on December 7 20 units @ $20.00 cost Purchases on December 14 34 units @ $30.00 cost Purchases on December 21 30 units @ $36.00 cost Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Date Perpetual FIFO Goods Purchased Cost of Goods Sold Cost Per Goods #of # of Units Units Cost Per Cost of Goods Unit Purchased Unit Sold Sold 20 at $ 20.00 - $ 400.00 Inventory Balance Cost Per Inventory # of Units Unit Balance December 7 December 14 34 at $ 30,00 - $ 1,020.00 Total December 14 December 15 Total December 15 December 21 Totals