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Required information [The following information applies to the questions displayed below) Pam's Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 190 items at $87 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records. Date Transaction Description March 5 Purchased 170 items @ 597 April 10 Sold 105 itens @ $189 June 19 Sold 185 items $189 September 16 Purchased 120 items @ $102 November 28 Sold 95 items @ $194 Required a. Record the inventory transactions in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet General Journal Credit No 1 Date 03/05 Debit 16,490 Inventory Cash 16,490 19,845 2 04/10 Accounts receivable Sales revenue 19,845 9,135 3 04/10 Cost of goods sold Inventory 9.135 34,965 4 06/19 Accounts receivable Sales revenue 34,965 5 06/19 Cost of goods sold Inventory 12 240 Required information [The following information applies to the questions displayed below) Pam's Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 190 items at $87 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records. Date Transaction Description March 5 Purchased 170 itens @ $97 April 10 Sold 105 itens $189 June 19 Sold 185 itens $189 September 16 Purchased 120 itens $102 November 28 Sold 95 items @ $194 b. Calculate the gross margin Pam's Creations would report on the Year 2 income statement Sales Cost of goods sold Gross margin Required information (The following information applies to the questions displayed below) Pam's Creations had the following sales and purchase transactions during Year 2 Beginning inventory consisted of 190 items at $87 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records. Date Transaction Description March 5 Purchased 170 items$97 April 10 Sold 105 itens $189 June 19 Sold 185 itens $189 September 16 Purchased 120 itens @ $102 November 28 Sold 95 itens $194 c. Determine the ending inventory balance Pom's Creations would report on the December 31, Year 2, balance sheet Ending inventory