$1.$ Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. $2.$ Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. $3.$ Compute the gross profit for FIFO method and LIFO method. Hemming Company reported the following current$-$year purchases and sales for its only product$\mathrm{.}1$ Required informationRequired informationCompute the gross profit for FIFO method and LIFO method.