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

Apr. 3	Inventory	19 units @	$14.00
11	Purchase	16 units @	$19.00
14	Sale	12 units
21	Purchase	9 units @	$17.00
25	Sale	16 units

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

Select the correct answer.

cost of merchandise sold $286.00 and ending inventory $437.00

cost of merchandise sold $437.00 and ending inventory $286.00

cost of merchandise sold $437.00 and ending inventory $723.00

cost of merchandise sold $723.00 and ending inventory $286.00