2. Beginning inventory, purchases and sales data for tennis rackets are as follows:

Apr 3 Inventory 12 units @ $45

11 Purchase 13 units @ $47

14 Sale 18 units

21 Purchase 8 units @ $60

25 Sale 9 units

Assuming the business maintains a perpetual inventory system, calculate the cost of merchandise sold and ending inventory under First-in, first-out.