$66-3($Algo$)$ Comparing and Contrasting the Effects of Inventory Costing Methods on Financial

Statement Elements LO$6-2,6-3$

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:

Required:

Compute the cost of ending inventory by using the weighted$-$average costing method. $($Do not round intermediate calculations and

ound the final answer to $2$ decimal places.$)$

Ending inventory

Compute the gross profit for the first six months of the current year by using the FIFO costing method. $($Do not round intermediate

falculations and round the final answer to $2$ decimal places.$)$