Problem 5-20A Allocating product costs between cost of goods sold and ending inventory: intermittent purchases and sales of merchandise 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 CHECK FIGURES a. Cost of Goods Sold: $49,250 e. Ending Inventory: $17,550 Date Transaction Description Mar. 5 Purchased 50 items$370 Apr. 10 Sold June 19 Sold Sep. 16 Purchased 70 items a $390 Nov. 28 Sold 30 items o $450 60 items $450 45 items $480 Required a. Record the inventory transactions in general journal format b. Calculate the gross margin Pam's Creations would report on the Year 2 income statement. e. Determine the ending inventory balance Pam's Creations would report on the December 31, Year 2, balance sheet