The inventory transactions for Item A are as follows: DateTransaction TypeQtyCost 03/01/20XXPurchase Item A20$2.00 03/15/20XXPurchase Item A10$2.75 03/20/20XXSold Item A15 03/31/20XXPurchase Item A25$2.50 Assuming the 2/28/20XX inventory balance for Item A was zero, what is the inventory balance as of 04/01/20XX using the FIFO inventory cost method? Question 16 options:

1)

$100.00

2)

$93.75

3)

$94.55

4)

$92.50