Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below] Hemming Co. reported the following current-year purchases and sales for its only product. Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using fif: 2. Determine the costs assigned to ending inventory and to cost or goods sold using iE: 3. Compute the gross margin for Fifo method and Lif 0 method