Required information Problem 5-20A (Algo) Allocating product costs between cost of goods sold and ending inventory: intermittent purchases and sales of merchandise LO 51 The following information applies to the questions displayed bolow.] Pam's Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 170 items at $85 each. The company uses the FIFO cost flow ossumption and keeps perpetual inventory records. Problem 5-20A (Algo) Part a 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.) Journal entry worksheet Journal entry worksheet 4 Journal entry worksheet Record entry for cost of goods sold. Note: Enter debits before credits. Journal entry worksheet 2. 3 Record sale of inventory for cash. Note: Enter debits before credits. Journal entry worksheet 1 3 Record entry for cost of goods sold. Note: Enter debits before credits. Journal entry worksheet Record sale of inventory for cash. Note: Enter debits before credits. Record entry for cost of goods sold. Note: Enter debits before credits. Required information Problem 5-20A (Algo) Allocating product costs between cost of goods sold and ending inventory: intermittent purchases and sales of merchandise LO 51 [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 170 items at $85 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records. Problem 5-20A (Algo) Part b b. Calculate the gross margin Pam's Creations would report on the Year 2 income statement. Required information Problem 5-20A (Algo) Allocating product costs between cost of goods sold and ending inventory: intermittent purchases and sales of merchandise LO 51 [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 170 items at $85 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records. Problem 5-20A (Algo) Part c c. Determine the ending inventory balance Pam's Creations would report on the December 31, Year 2, balance sheet