Poole Company purchased two identical inventory items. One of the items, purchased in January, cost $44. The other, purchased in February, cost $58. One of the items was sold in March at a selling price of $160. Assuming that Poole uses a LIFO cost flow, which of the following statements is correct?

Multiple Choice

• The balance in ending inventory would be $58.

• The amount of gross margin would be $102.

• The amount of ending inventory would be $51.00.

• The amount of cost of goods sold would be $44.