Titan Company purchased two identical inventory items. One of the items cost $14.00 and was purchased in January. The second cost $15.00 and was purchased in February. One of the items was sold in March at a price of $18.00. Select the correct answer assuming that Titan uses a LIFO cost flow assumption. The balance in ending inventory would be $15.00 The amount of gross margin would be $4.00 The balance in ending inventory would be $14.00 The balance in ending inventory would be $14.50