Required information [The following information applies to the questions displayed bolow] Hemming Co. reported the following current-yeor 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 soid using LIFO. 3. Compute the gross margin for FiFO method and LIFO method. Complete this questions by entering your answers in the below tabs. (1) Required information Perpetual LIFO: 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. Compute the gross margin for FIFO method and LIFO method. Complete this questions by entering your answers in the below tabs. Compute the gross margin for FIFO method and LIFO method