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 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. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. \begin{tabular}{|l|l|l|l|l|l|l|l|l|l|l|l|l|l|l|l|l|} \hline Total October 5 & & & & & & & & & & & & & & & & \\ \hline \end{tabular} Compute the gross profit for FIFO method and LIFO method. 2) Cost of Goods Sold using Specific Identification b) Gross Margin using Specific Identification \begin{tabular}{l|l|l|} \hline Less: & & \\ \hline Equals: & & \\ \hline \end{tabular} Hemming Company reported the following current-year purchases and sales for its only product. inding inventory consists of 40 units from the March 14 purchase, 70 units from the July 30 purchase, and all 145 units from the ctober 26 purchase. Using the specific identification method, calculate the following