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 cosy of goods sold using LIFO. 3, Compute the gross profit for FIFO method and LIFO method.

Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Exercise 5-10A (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P3 Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assianed to endinn inventorv and to cost of anods sold usina I IFO