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 Mar. 5 Apr. 10 June 19 Sept. 16 Nov. 28 Transaction Purchased Sold Sold Purchased Sold Description 50 items e $370 30 items @ $450 60 items $450 70 items @ $390 45 items $480 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 Check my work 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 Mar. 5 Apr. 10 June 19 Sept. 16 Nov. 28 Transaction Purchased Sold Sold Purchased Sold Description 50 items $370 30 items $450 60 items $450 70 items $390 45 items e$480 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