[The following information applies to the questions displayed below.] Pams Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 250 items at $93 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records.

Mar. 5 Purchased 230 items @ $ 103

Apr. 10 Sold 135 items @ $ 201

June 19 Sold 245 items @ $ 201

Sept. 16 Purchased 180 items @ $ 108

Nov. 28 Sold 125 items @ $ 206

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.)

b. Calculate the gross margin Pams 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 Pams Creations would report on the December 31, Year 2, balance sheet.