Required information Problem 5-20A (Static) 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. Problem 5-20A (Static) Part b b. Calculate the gross margin Pam's Creations would report on the Year 2 income statement. Required information Problem 5-20A (Static) 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. Problem 5-20A (Static) Part c c. Determine the ending inventory balance Pam's Creations would report on the December 31 , Year 2 , balance sheet