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 2017. The company uses a perpetual inventory system:

	Purchases							Sales
Date	Number of Units			Unit Cost				Number of Units			Sales Price
January 1 (beginning inventory)		570		$	3.90
January 24									370		$	5.40
February 8		670		$	4.00
March 16									630		$	5.60
June 11		370		$	4.15

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.) Need journal entry for this one the amounts are wrong. Assume that because of a clerical error, the ending inventory is reported to be 510 units rather than the actual number of units (610) on hand.
5a.	If FIFO is used, calculate the amount of the understatement or overstatement in the cost of sales for the first six months of 2017.

5b.	If FIFO is used, calculate the amount of the understatement or overstatement in the current assets at June 30, 2017.

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. (Do not round intermediate calculations and round the final answers to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record cost of sales on goods sold on account. Note: Enter debits before credits. General Journal Credit Date March 16 Cost of sales Inventory Debit 2,507.40 2,507.40 Record entry Clear entry View general journal