Use the following Information for the Quick Study below. (Algo) (11-14) [The following information applies to the questions displayed below.] 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 $31 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $17.00 cost 20 units @ $23.00 cost 15 units @ $25.00 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 Date # of Units Cost Peri Unit Goods Purchased # of Units Cost Per Unit Cost of Goods Sold Cost of Goods Sold Sold December 7 December 14 Total December 14 December 15 Total December 15 December 21 Totals Inventory Balance # of Units Cost Inventory Per Unit Balance