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. vired: iming uses a perpetual inventory system. Permine the costs assigned to ending inventory and to cost of goods sold using FIFO. etermine the costs assigned to ending inventory and to cost of goods sold using LIFO. ompute the gross profit for FIFO method and LIFO method. omplete this question by entering your answers in the tabs below. 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. 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