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. Hemming uses a periodic inventory system. (0) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross profit for each method. (c) Compute the gross profit for each method. c) Gross profit \begin{tabular}{|l|rr|rr|} \hline & \multicolumn{2}{|c|}{ FIFO } & \multicolumn{2}{c|}{ LIFO } \\ \hline Sales & $ & 47,520 & $ & 47,520 \\ \hline Cost of goods sold & & 20,420 & & 21,070 \\ \hline Gross profit & $ & 27,100 & $ & 26,450 \\ \hline \end{tabular}