Simply try replacing your code with this
<select name="status" id="status">
<option value=""><< Select Option >></option>
<option value="1" <?=($status=="1")?"selected":""?>>Active</option>
<option value="0" <?=($status=="0")?"selected":""?>>Inactive</option>
</select>
Its small and ternary operator is fast then if else conditions.