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 Number of Units 505 Unit Cost $2.60 Number of Units Sales Price Date January 1 (beginning inventory) January 24 February 8 March 16 June 11 305 $4.10 605 $2.70 565 $4.30 305 $2.85 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 $ 1,469.67 2. Compute the gross profit for the first six months of 2017 by using the FIFO costing method. (Do not round intermediate calculations and round the final answer to 2 decimal places.) Gross profit 3. Would the gross profit be higher, lower, or the same if Neverstop used the weighted average costing method rather than the FIFO method? Lower Remain the same Higher 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 1 Record sales on account. 2 Record cost of sales on goods sold on account. 3 Record purchase of goods on account. 4 Record sales on account. 5 Record cost of sales on goods sold on account. Credit 6 Record purchase of goods on account