Required information setpora: Part tor2 5 = powes (1) 5 - Required information - Prev 56log6 Next 3. Compute the gross profit for FIFO method and LIFO method. Complete this question by entering your answers in the tabs below. Compute the gross profit for FIFO method and LIFO method. Required information The folfowing information applies to the questions displayed below] Hemming Compary 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