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TB MC Qu. 05-63 (Algo) Poole Company purchased two identical... Poole Company purchased two identical inventory items. One of the items, purchased in January, cost $20. The other, purchased in February, cost $22. One of the items was sold in March at a selling price of $40. Poole uses LIFO. Which of the following statements is true? Multiple Choice The balance in ending inventory would be $22. The amount of gross margin would be $18 The amount of ending inventory would be $2100. The ampunt of cost of goods sold would be 520 . Multiple Choice The balance in ending inventory would be $22. The amount of gross margin would be $18. The amount of ending inventory would be $21.00. The amount of cost of goods sold would be $20