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 Ending inventory Purchases Number of Units 560 660 Gross profit 360 Unit Cost $2.80 $2.90 $3.05 Sales Number of Units 360 620 Sales Price $4.00 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.) $4.50 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.)

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 Ending inventory Purchases Number of Units 560 660 Gross profit 360 Unit Cost $2.80 $2.90 $3.05 Sales Number of Units 360 620 Sales Price $4.00 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.) $4.50 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.)

Name: Please do not give solution in image format thanku Neverstop Corporati
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Description: Please do not give solution in image format thanku Neverstop Corporation sells item A as part of its product line. Information about the beginning inventory, purchases, and sales of itemA are given in the following table for the first six months of t

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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