U Required Information Problem 5-20A 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 250 Items at $93 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 230 Items 0103 135 items 5201 245 Item $201 130 IteS108 125 Items & $206 Problem 5-20A Part b 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 Required Information Problem 5-20A 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.) Pom's 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. Date Mar. 5 Apr. 10 June 19 Sept. 16 Nov. 28 Transaction Purchased Sold Sola Purchased Sold Description 230 Items $103 135 items $201 245 items 5201 180 items $108 125 items $206 Problem 5-20A Part c c. Determine the ending inventory balance Pam's Creations would report on the December 31, Year 2, balance sheet. Ending inventory 80 Prey of B Next