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 28 units for $25 each Purchases on December 7 18 units $10.00 cost Purchases on December 14 35 unito e $15.00 cost Purchases on December 21 28 units $18.00 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 Perpetual FIFO: Cost of Goods Sold #of Cost Per Cost of Goods Units Sold Unit Sold Goods Purchased Cost Per Goods # of Units Unit Purchased Date # of Units Cost Per Unit Inventory Balance December 7 December 14 Total December 14 December 15 Total December 15 December 21 Totals QS 5-12 (Algo) Perpetual: Inventory costing with LIFO LO P1 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Inventory Balance Perpetual LIFO Goods purchased Cost of Goods Sold Cost of Goods # of of units Available for unit Cost per cost of Goods units Salo unit Sold sold Date Cost per Cost per of units Inventory Balance unit December 7 $ 0.00 $ 0.00 December 14 Total December 14 $ 0.00 December 15 Total December 15 $ 0.00 December 21 Totals