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

April 3	Inventory	22 units @	$16.00
11	Purchase	14 units @	$18.00
14	Sale	11 units
21	Purchase	9 units @	$19.00
25	Sale	15 units

Assuming the business maintains a perpetual inventory system, calculate the cost of goods sold and ending inventory using FIFO.

Select the correct answer.

cost of goods sold $424.00 ending inventory $351.00

cost of goods sold $351.00 ending inventory $424.00

cost of goods sold $424.00 ending inventory $775.00

cost of goods sold $775.00 ending inventory $351.00