Problem 5-20B Allocating product costs between cost of goods sold and ending inventory: intermittent purchases and sales of merchandise Donovan. Inc. had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 120 items at $80 each. Donovan 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 Donovan would report on the Year 2 income statement. c. Determine the ending inventory balance Donovan would report on the December 31 , Year 2 , balance sheet