Required Information

Use the following information for the Exercises $8-10$ below. $($Algo$)$

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Hemming Company reported the following current$-$year purchases and sales for its only product.

Exercise $5-8($Algo$)$ Perpetual: Inventory costing methods$-$FIFO and LIFO LO P$1$

Required:

Hemming uses a perpetual Inventory system.

Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO.

Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO.

Compute the gross profit for FIFO method and LIFO method.

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Compute the gross profit for FIFO method and LIFO method.