Please fix the errors in red. If possible attach explanation as to how you got the answer!

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 585 $ 4.20 Sales Number of Units Sales Price 385 $5.70 Date January 1 (beginning inventory) January 24 February 8 March 16 June 11 685 $ 4.30 385 $5.70 685 $ 4.30 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 complete and correct. Ending inventory $ 5,084.00 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 $ 1,137.00 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 on account and 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.) Answer is not complete. No Date General Journal Debit Credit 1 January 24 Accounts receivable 2,195.00 X Sales 2,195.00 2 January 24 Cost of sales 1,617.00 Inventory 1,617.00 3 February 08 Purchases Accounts payable 4 March 16 Accounts receivable 2,195.00 X Sales 2,195.00 5 March 16 Cost of sales 1,636.00 X Inventory 1,636.00 X 6 June 11 Purchases Accounts payable Assume that because of a clerical error, the ending inventory is reported to be 1,085 units rather than the actual number of units (1,185) 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 the current year. Answer is complete but not entirely correct. Overstatement of cost of sales $ 4,300 X 5b. If FIFO is used, calculate the amount of the understatement or overstatement in the current assets at June 30 of the current year. X Answer is complete but not entirely correct. Understatement of current assets $ 4,300