P$6-3($Algo$)$ Comparing and Contrasting the Effects of Inventory Costing Methods on Financial Statement Elements LO$6-2,6-3$

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:

$\backslash$table$[[,$Purchases,Sales$],[$Date$,$Number of Units,Unit Cost,Number of Units,Sales Price,$],[$January $1($beginning inventory$),560,$$$3\mathrm{.}70,360,$$$5\mathrm{.}20,],[$January $24,660,$$$3\mathrm{.}80,360,$$$5\mathrm{.}20,],[$February $8,660,$$$3\mathrm{.}80,,,],[$March $16,,,,,]]$

Required:

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.$)$