Hemming Company reported the following current$-$year purchases and sales for its only product.

Exercise $5-10$A $($Algo$)$ Periodic: Inventory costing LO P$3$

Hemming uses a periodic inventory system.

$($a$)$ Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.

$($b$)$ Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.

$($c$)$ Compute the gross profit for each method.