7.Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 12 units @ $17.00 11 Purchase 10 units @ $19.00 14 Sale 16 units 21 Purchase 21 units @ $20.00 25 Sale 10 units Assuming the business maintains a perpetual inventory system and calculates the cost of merchandise sold and ending inventory using LIFO. Select the correct answer. cost of merchandise sold $492.00 ending inventory $372.00 cost of merchandise sold $492.00 ending inventory $520.00 cost of merchandise sold $492.00 ending inventory $322.00 cost of merchandise sold $442.00 ending inventory $372.00