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. 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 itiventory 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. Determine the costs assianed to endina inventaru and to met af annde enld weinn iten Compute the gross profit for FIFO method and LIFO method