Required information [The following information applles 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. (a) 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. Part 2 of 2 b) Potlodic fifo 04:2234 b) Periodie LIFO c) Gross Profit c) Gross Profit \begin{tabular}{|l|l|l|} \hline & FIFO & LIFO \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular}