Required information Use the following information for the Exercises below. (The foliowing information applies to the questions displayed below. Hemming Ca. 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 thFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LFO. 3. Compute the gross margin for FiFO method and LIFO method. Complete this question by entering your answers in the tabs below. 4 4 Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a perpetual inventory 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 margin for FIFO method and LIFO method. Complete this question by entering your answers in the tabs below. Compute the gross margin for FIFO method and LIFO method