Thank you so much in advance!

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 550 $3.50 Sales Number of Units Sales Price 350 $5.00 Date January 1 (beginning inventory) January 24 February 8 March 16 June 11 650 $ 3.60 350 $5.00 650 $3.60 Assume that because of a clerical error, the ending inventory is reported to be 1,050 units rather than the actual number of units (1,150) 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