Required information Problem 5-20A (Algo) Allocating product costs between cost of goods sold and ending inventory: intermittent purchases and sales of merchandise LO 5-1 [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 200 Items at $88 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records. Description 180 items $98. 110 items $191 Date Transaction. March 5 April 10 Purchased Sold June 19 Sold September 16 November 28 Purchased Sold 195 items @ $191 130 items $103 100 items $196 Problem 5-20A (Algo) Part b b. Calculate the gross margin Pam's Creations would report on the Year 2 income statement. Sales Cost of goods sold Gross margin