October 26 Totais Compute the gross profit for FIFO method and LIFO method. Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. equired: lemming 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