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 160 items at $84 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 140 items @ $ 94 90 items @ $183 155 items @ $183 90 items @ $ 99 80 items @ $188 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 c. Determine the ending inventory balance Pam's Creations would report on the December 31, Year 2, balance sheet. Ending inventory