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. uired: aming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods soid using FIFO 1. Required information etermine the costs assigned to ending inventory and to cost of goods sold using LiFO. Compute the gross profit for FIFO method and LIFO method. Martinez Company's ending inventory includes the following items: Compute the lower of cost or market for ending inventory applied separately to each product