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 58 items @$370 30 items @$450 60 items$450 79 items @$ 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 slgn.) Sales Cost of goods sold Gross margin