5-20A (Algo) Allocating product costs between cost of goods sold and ending inventory: intermittent purchases and sales of merchandise LO 5-1 Skip to question [The following information applies to the questions displayed below.] Pams Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 180 items at $86 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records. Date Transaction Description March 5 Purchased 160 items @ $96 April 10 Sold 100 items @ $187 June 19 Sold 175 items @ $187 September 16 Purchased 110 items @ $101 November 28 Sold 90 items @ $192 Problem 5-20A (Algo) Part b b. Calculate the gross margin Pams Creations would report on the Year 2 inc