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P7.3 Comporing and Contrasting the Effects of Inventory Costing Methods on Financial Statement Elements LO7.2,7.3 Neverstop Corporobon sells hem A as part of its product line Information about the beginning inventory, purchases, and sates of item A are given in the followhing table for the first six montts of the curtent yeat. The company uses a perpertyal inventofy syistem. Required: 1. Compute the cost of ending inventory by usang the weighted-averoge costing method. (Do not round intermediate caiculations and round the final answer to 2 decimal places.] 2. Compute the gross profit for the first cix months of the current year by using the FFO costing method iDo not round intermediate calculations and round the final answer to 2 decimal places.) 3. Would the gross proti be nigher, lower, or the some if Neverstop used the weighted average costing method rather than the FiFO mathod? Remoin the tame tover Higher 4. Prepore jouthal entiles to record the puichase and sale vonsactons, os well at the cost or saics,assuming that all sales and purchase transactons are on occount and that the weightediaveroge merhoo is used (Do not round intermedlate caleulations and. round the final answers to 2 decimal pisces, if no entry is requlred for a trenssction/event, select "No journal antry required" In the. first account feld