I have attempted this question however I'm not sure if I'm on the right track. Please provide explanations and show step-to-step how you arrive at your answers. Thank you in advanced

U' Evaluating the Effects of Inventory Costing Methods on Financial Statement Elements AHL-BJ N 'verstop Corporation sells item A as part of its product line. Information about the beginning imentory, purchases, and sales of item A are given in the following table for the first SIX months oi 2014. The company uses a perpetual inventory system: Purchases Sales Number Number Sales Date of Units Unit Cost of Units Price January 1 (beginning inventory) 500 $2.50 January 24 300 $4.00 February 8 600 $2.60 March 16 550 June 11 300 $2.75 5420 Required: 1. Compute the cost of ending inventory by using the wei glued-average costing method. Compute the gross profit for the first six months of 2014 by using the FIFO costing method. Would the gross profit be higher, lower, or the same if Neverstop used the weighted.{wcwHe costing method rather than the FIFO method? Explain. No calculations are required 4. Prepare journal entries to record the purchase and sale transactions, as well as the cost of sales. assuming that the weighted-average method is used. 5. Assume that because of a clerical error, the ending inventory is reported to be 440 units rather than the actual number of units (540) on hand. If FIFO is used, calculate the amount of the understatement or overstatemcrnt in a. the cost of sales for the first six months of 2014. b. the current assets at June 30, 2014. 2. 3.m r. " , ( : P'ol' x/ 'v x- y fins); ;: is fbi?"