Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 28 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $18.00 cost 32 units @ $27.00 cost 28 units @ $32.00 cost QS 5-10 Perpetual: Assigning costs with FIFO LO P1 Required: Monson uses method. perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of Units Cost Per Unit Goods Purchased # of Units Sold Cost Per Cost of Goods Unit Sold # of Units Cost Per Unit Inventory Balance December 7 181 @ $ 18.00 $ 324.00 18 @ $ 18.00 = $ 324.00 December 14 32 @ $ 27.00 $ 864.00 18 @ $ 18.00 = $ 324.00 32 @ $ 27.00 = 864.00 $1,188.00 December 15 501 @ $ 27.00] = $1,350.00 86 @ December 21 28 @ $ 32.00] = $ 896.00 Totals $1,350.00