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Required: Compute the cost of ending inventory by using the weighted-average costing method. (Do...

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Accounting

Required:
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.)
Ending inventory
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.)
Would the gross profit be higher, lower, or the same if Neverstop used the weighted-average costing method rather than the FIFO method?
OHigher
ORemain the same
OLower
in the first account field.)
Journal entry worksheet
\table[[,1,2,3,4,5,6]]
Record sales on account.
Note: Enter debits before credits.
Assume that because of a clerical error, the ending inventory is reported to be 480 units rather than the actual number of units (580) 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.
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