w Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 29 units for $45 each. Part 1 of 2 Purchases on December 7 Purchases on December 14 Purchases on December 21 19 units @ $18.00 cost 35 units @ $27.00 cost 29 units @ $32.00 cost points (8 00:46:33 Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Goods Purchased # of Cost Per Goods Date Units Unit Purchased December 7 | 19 @ $ 18.00 = $342.00 December 35 @ $ 27.00 = $ 945.00 14 Cost of Goods Sold # of Cost Per Cost of Goods Units Unit Sold Sold Inventory Balance # of Units Cost Per Inventory Unit Balance 19 @ $ 18.00 = $ 342.00 19 @ 25 @ $ 18.00 = $ 27.00 = $ 342.00 675.00 $1,017.00 December | 21 29 @ = $ 32.00 $ 928.00 29 @ $ 32.00 = $ 928.00 $ 928.00 Totals