Required Information

$[$The following infometion applies to the questions alsplayed below.$]$

Hemming Co$.$ reported the follawing currentyesr purchses snd ssles for ts anly product.

Requlred:

Hemming uses s periodic inventory system.

$($a$)$ Determine the coats asaigned to ending Inventary snd to cost of goods asld using FIFO.

$($a$)$ Determine the costs saigned to ending inventory ond to cost of goods sold using LIFO.

$($a$)$ Compute the gros: margin for esch method.Hemming uses a perpetual inventory system. 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.