Required information

$[$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 $290$

items at $$97$ each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records.

Required

a$.$ Record the inventory transactions in general journal format. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry

required" in the first account field.$)$

Journal entry worksheet

Record entry inventory purchased for cash.

Note: Enter debits before credits.

c$.$ Determine the ending inventory balance Pam's Creations would report on the December $31,$ Year $2,$ balance sheet.

Ending inventory

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.$)$Required information

$[$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 $290$

items at $$97$ each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records.

Required

a$.$ Record the inventory transactions in general journal format. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry

required" in the first account field.$)$

Journal entry worksheet

$1$

Record entry inventory purchased for cash.

Note: Enter debits before credits.

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.$)$

c$.$ Determine the ending inventory balance Pam's Creations would report on the December $31,$ Year $2,$ balance sheet.