P7-3 Comparing and Contrasting the Effects of Inventory Costing Methods on Financial Statement Elements Could someone please complete required 1, 2, 3, 4, and 5

Neverstop Corporation sellsitam As part of its product line Infertion about the beginntory, purchases, and sales orien Anne in the following table for the first int of the current year. The companyes perpetua mentory system Sales Purchases Number of Units Unit Cost 510 52.50 Date January (beginning over Number of Units Sales Price MX 54.00 February 600 $2.M March 16 5601 $420 June 11 00 52.35 Required: 1. Compute the cost of ending inventory by using the weighted average costing inethod. 2. Compute the gross profit for the first six months of the current year by using the FIFO costing method 1. Would the gross profit be higher lower, or the same if Neverstop used the weighted average costing method rather than the FIFO method" Explain. No calculations are required 4. Prepare journal entries to record the purchase and sale transactions, as well as the cost of sales assuming that all sales and purchase transactions are an account and that the weighted average method is used S. Assume that because of a clerical error, the ending inventory is reported to be 440 units rather than the actual number of its (540) on hand. Ir FIFO is used calculate the amount of the understatement or overstatement in a. The cost of sales for the first six months of the current year b. The current assets at June 30 of the current year