Pam's Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 60 items at $350 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records. Required a. Record the inventory transactions in a financial statements model. b. Calculate the gross margin Pam's Creations would report on the Year 2 income statement. c. Determine the ending inventory balance Pam's Creations would report on the December 31, Year 2, balance sheet. Record the inventory transactions in a financial statements model. Note: In the Cash Flow column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. Enter to account balances and cash outflows with a minus sign. Not all cells require input. Calculate the gross margin Pam's Creations would report on the Year 2 income statement. Note: Amounts to be deducted should be indicated with a minus sign. Determine the ending inventory balance Pam's Creations would report on the December 31 , Year 2 , balance sheet