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 230 items at $91 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records Date Transaction Description Mar. 5 Purchased 210 items 5101 Apr. 18 Sold 125 items 5197 June 19 Sold 225 items $197 Sept. 16 Purchased 160 itens $106 Nov. 28 Sold 115 items 5202 Problem 5-20A Part b b. Calculate the gross margin Pam's Creations would report on the Year 2 income statement. (Amounts to be deducted should be indicated with a minus sign.) Sales Cost of goods sold Gross margin 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 230 items at $91 each. The company uses the FIFO cost flow assumption and keeps perpetual Inventory records. Date Transaction Description Mar. 5 Purchased 210 items a$101 Apr. 10 Sold 125 items 05197 June 19 Sold 225 items $197 Sept. 16 Purchased 160 itens $106 Nov. 28 Sold 115 items $202 Problem 5-20A Part c. Determine the ending Inventory balance Pam's Creations would report on the December 31, Year 2. balance sheet. Ending inventory