2. 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 8 units @ $60
25 Sale 9 units
Assuming the business maintains a perpetual inventory system, calculate the cost of merchandise sold and ending inventory under First-in, first-out.
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