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

April 3 Inventory 20 units @ $15.00

11 Purchase 18 units @ $14.00

14 Sale 11 units

21 Purchase 10 units @ $22.00

25 Sale 12 units

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

Select the correct answer.

a)cost of goods sold $772.00 ending inventory $430.00

b)cost of goods sold $430.00 ending inventory $342.00

c)cost of goods sold $342.00 ending inventory $772.00

d)cost of goods sold $342.00 ending inventory $430.00