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. Date Transaction March 5 April 10 Purchased Sold June 19 Sold September 16 Purchased November 28 Sold Description 270 items $105 155 items @ $209) 285 items @$209 220 items $112 145 items $214 b. Calculate the gross margin Pam's Creations would report on the Year 2 Income statement Sales Cost of goods sold Gross margin