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 inventory and to cost of goods sold using LIFO. 3. Comnute the arnss nrofit for FIFO methnd and I IFO methnd etermine the costs assigned to ending inventory and to cost of goods sold using FIFO. Required information Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Required information Required 1 Required 3 Required information Compute the gross profit for FIFO method and LIFO method