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 Number of Units Unit Cost 515 $2.80 Sales Number of Units Sales Price 315 $4.30 Date January 1 (beginning inventory) January 24 February 8 March 16 June 11 615 $2.90 315 $4.30 615 $2.90 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.) Answer is not complete. 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.) Answer is complete and correct. Gross profit $ 933.50 Journal entry worksheet Record cost of sales on goods sold on account. Note: Enter debits before credits. General Journal Debit Credit Date January 24 Journal entry worksheet 1 2 3 4 5 6 > Record cost of sales on goods sold on account. Note: Enter debits before credits. General Journal Debit Credit Date March 16 Journal entry worksheet