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:

	Purchases							Sales
Date	Number of Units			Unit Cost				Number of Units			Sales Price
January 1 (beginning inventory)		580		$	4.10
January 24									380		$	5.60
February 8		680		$	4.20
March 16									380		$	5.60
June 11		680		$	4.20

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.)

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.)