5 nts Help Save & Exit Su Neverstop Corporation sells item A as part of its product line. Information about the beginning inventory, purchases, and sales of item A are given in the following table for the first six months of the current year. The company uses a perpetual inventory system: Date January 1 (beginning inventory) January 24 February March 16 June 11 00:57:26 Required: Purchases Sales Number of Units 555 Unit Cost $3.60 Number of Units Sales Price 355 $5.10 655 $3.70 355 $5.10 655 $3.70 1. Compute the cost of ending inventory by using the weighted-average costing method. (Do not round intermediate calculations and round the final answer to 2 decimal places.) Ending inventory $ 4,261.80 2. Compute the gross profit for the first six months of the current year by using the FIFO costing method. (Do not round intermediate calculations and round the final answer to 2 decimal places.) 5 nts Saved Help Save & E 2. Compute the gross profit for the first six months of the current year by using the FIFO costing method. (Do not round intermediate calculations and round the final answer to 2 decimal places.) Gross profit $ 1,049.50 00:57:17 3. Would the gross profit be higher, lower, or the same if Neverstop used the weighted-average costing method rather than the FIFO method? Lower Remain the same O Higher 4. Prepare journal entries to record the purchase and sale transactions, as well as the cost of sales, assuming that all sales and purchase transactions are on account and that the weighted-average method is used. (Do not round intermediate calculations and round the final answers to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) O Remain the same O Higher 4. Prepare journal entries to record the purchase and sale transactions, as well as the cost of sales, assuming that all sales and purchase transactions are on account and that the weighted-average method is used. (Do not round intermediate calculations and round the final answers to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required" in first account field.) View transaction list View journal entry worksheet No 1 Date January 24 General Journal Debit Credit Accounts receivable 1,810.50 Sales 1,810.50 2 January 24 Cost of sales Inventory 3 February 08 Purchases Accounts payable 4 March 16 Accounts receivable