Question #2, 4, 5a and 5b, thanks a lot.

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 520 $2.90 Sales Number of Units Sales Price 320 $4.40 Date January 1 (beginning inventory) January 24 February 8 March 16 June 11 620 $3.00 320 $4.40 620 $3.00 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 $ 3,347.80 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.) 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 Assume that because of a clerical error, the ending inventory is reported to be 1,020 units rather than the actual number of units (1,120) 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. of cost of sales 5b. If FIFO is used, calculate the amount of the understatement or overstatement in the current assets at June 30 of the current year. of current assets