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P7-3 Comparing and Contrasting the Effects of Inventory Costing Methods on Financial Statement Elements LO7-2, 7-3 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 Sales Number of Units Sales Price Date Purchases Number of Units Unit Cost 555 $3.60 355 35.10 January 1 (beginning inventory) January 24 Fobruary 8 March 16 June 11 655 $3.70 355 $5.10 655 $3.70 Required: 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 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 View transaction list 10 points Journal entry worksheet References Record sales on account Note: Enter debits before credits General Journal Debit Credit Date January 24 Record entry Clear entry View general Journal Journal entry worksheet BOOK References Record sales on account Note: Enter debits before credits General Journal Debit Credit Date January 24 Record entry Clear entry View general Journal Journal entry worksheet BOOK