Required information Problem 5-20A 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 60 items at $350 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records. Date Transaction Mar. 5 Purchased Apr. 10 Sold June 19 Sold Sept. 16 Purchased Nov. 28 Sold Description 50 items @ $370 30 items @ $450 60 items @$450 70 items @ $390 45 items @ $480 Problem 5-20A Part c c. Determine the ending inventory balance Pam's Creations would report on the December 31, Year 2, balance sheet. Ending inventory