Porter, Inc., had the following sales and purchase transactions during 2009. Beginning inventory consisted of 80 items at $120 each. Porter uses the FIFO cost flow assumption and keeps perpetual inventory records. Assume all transactions are cash. Date Transaction Description ==== =========== =========== Mar 5 Purchased 100 items @ $125 Apr 10 Sold 60 items @ $240 June 19 Sold 75 items @ $245 Sept 16 Purchased 40 items @ $130 Nov 28 Sold 50 items @ $255 Required : 1. Record the inventory transactions in general journal format. 2. Calculate the gross margin Porter would report on the 2009 income statement. 3. Determine the ending inventory balance Porter would report on the December 31,2009, balance sheet