Refer to the information in Exercise 5-8 and assume the perpetual inventory system is used. Determine the costs assigned to ending inventory and to cost of goods sold using (a) FIFO and (b) LIFO. (c) Compute the gross profit for each method

Exercise 5-8 Hemming Co. reported the following current-year purchases and sales for its only product. Periodic: Inventory costing methods-FIFO and LIFO P1