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What is the balance in the inventory account at the end of

Problem

Rosierre Company purchased two identical inventory items. One of the items cost $6.00 and was purchased in January. The other was purchased in February, and the company paid $7.00 for this item. One of the items was sold in March at a price of $10.00. What is the balance in the inventory account at the end of March assuming no additional sales if Rosierre utilizes the FIFO inventory method?

A. $6.00

B. $7.00

C. $3.00

D. $10.00

E. None of the above.

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Accounting Basics: What is the balance in the inventory account at the end of

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