P6-3 (Algo) Comparing and Contrasting the Effects of Inventory Costing Methods on Financial Statement Elements LO6-2,...

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P6-3 (Algo) Comparing and Contrasting the Effects of Inventory Costing Methods on Financial Statement Elements LO6-2, 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: Date January 1 (beginning inventory) January 24 February 8 March 16 June 11 Purchases Sales Number of Units Unit Cost Number of Units Sales Price 505 $2.60 305 $4.10 605 $2.70 305 $4.10 605 $2.70 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 but not entirely correct. Ending inventory $ 68,496.00 P6-3 (Algo) Comparing and Contrasting the Effects of Inventory Costing Methods on Financial Statement Elements LO6-2, 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: Date January 1 (beginning inventory) January 24 February 8 March 16 June 11 Purchases Sales Number of Units Unit Cost Number of Units Sales Price 505 $2.60 305 $4.10 605 $2.70 305 $4.10 605 $2.70 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 but not entirely correct. Ending inventory $ 68,496.00