Hemming Company reported the following current-year purchases and sales for its only product. Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using UFO. 3. Compute the gross profit for FFO method and LFO method. Hemming Company reported the following current-year purchases and sales for its only product. Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using UFO. 3. Compute the gross profit for FFO method and LFO method