5:29 P7-3 Comparing and Contrasting the Effects of Inventory Costing Methods on Financial Statement Elements LO7-2, 7-3 Neverstop Corporation sets hem A as part of its product line. Information about the beginning inventory, purchases, and sales of item A are given in the folowing table for the first six months of the current year. The company uses a perpetual inventory system: January 24 February March 16 June L Purchases Sales Number of Units Sales Price 540 $3.30 340 43.40 340 83.40 Required 1. Compute the cast of ending invertory by using the weighted-average costing method. (Do not round intermediate calculations and round the final answer to 2 decimal places) Ending severery 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.) Send a chat O Check