Beginning inventory, purchases, and sales data for tennis rackets are as follows 11 units @ 7 units @ 16 units 21 units @ 10 units Inventory Purchase Sale Purchase Sale r. $16.00 $21.00 14 21 25 $25.00 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 $541.00 and ending inventory $307.00 cost of merchandise sold $541.00 and ending inventory $432.00 cost of merchandise sold $416.00 and ending inventory $432.00 cost of merchandise sold $541.00 and ending inventory $650.00