Pams Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 200 items at $88 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records.

Date	Transaction	Description
Mar. 5	Purchased	180 items @	$	98
Apr. 10	Sold	110 items @	$	191
June 19	Sold	195 items @	$	191
Sept. 16	Purchased	130 items @	$	103
Nov. 28	Sold	100 items @	$	196

Pam's Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 200 items at $88 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records. Date Mar. 5 Apr. 10 June 19 Sept. 16 Nov. 28 Transaction Purchased Sold Sold Purchased Sold Description 180 items @ $ 98 110 items @ $191 195 items @ $191 130 items $103 100 items @ $196 b. Calculate the gross margin Pam's Creations would report on the Year 2 income statement. (Amounts to be deducted should be indicated with a minus sign.) Sales Cost of goods sold Gross margin $ 77,855 38,340 $ 39,515 Pam's Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 200 items at $88 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records. Date Mar. 5 Apr. 10 June 19 Sept. 16 Nov. 28 Transaction Purchased Sold Sold Purchased Sold Description 180 items @ $ 98 110 items @ $191 195 items @ $191 130 items @ $103 100 items @ $196 c. Determine the ending inventory balance Pam's Creations would report on the December 31, Year 2, balance sheet. Ending inventory