Required information [The following information applies to the questions displayed below, Hemming Company reported the following curtent-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 goeds 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 qoods sold usina FIFO. Determine the costs assianed to ending inventory and to cost of aoods sold usina LIFO. 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 FFO. 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. Complete this question by entering your answers in the tabs below. Compute the gross profit for FIFO method and LIFo method