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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 curfent year. The company uses a perpetual inventory system: 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.) 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.) 3. Would the gross profit be higher, lower, or the same if Neverstop used the weighted-average costing method rather than the FIFO method? Lower Higher Remain the same 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.) 4. Prepare journal entries to record the purchase and sale transactions, as well as the cost of sales, assuming th purchase transactions are on account and that the weighted-average method is used. (Do not round intermedi round the final answers to 2 decimal places. If no entry is required for a transaction/event, select "No journa first account field.) Journal entry worksheet 56 Record cost of sales on goods sold on account. Note: Enter debits before credits. Journal entry worksheet 5 Note: Enter debits before credits. Journal entry worksheet 12 Note: Enter debits before credits. Journal entry worksheet Record cost of sales on goods sold on account. Note: Enter debits before credits. Journal entry worksheet Record purchase of goods on account. Note: Enter debits before credits. Assume that because of a clerical error, the ending inventory is reported to be 680 units rather than the actual number of units 780 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. 5b. If FIFO is used, calculate the amount of the understatement or overstatement in the current assets at June 30 of the current year