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		9 units	@	$60
	25	Sale		10 units

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

Group of answer choices

cost of merchandise sold $1,151; ending inventory $180

cost of merchandise sold $180; ending inventory $1,151

cost of merchandise sold $1,331; ending inventory $360

cost of merchandise sold $360; ending inventory $1,331