ercise 5-11 (Algo) Periodic: Inventory costing methods-FIFO and LIFO LO P3 e company uses a periodic inventory system. 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 each method. Complete this question by entering your answers in the tabs below. Compute the gross profit for each method. Determine the costs assigned to ending inventory and to co