Required information Use the following Information for the Exerclses below. (Statlc) [The following informetion spplies to the questions alsployed below.] Hemming Compsny repoted the fol owing current-yeer purcheses and sales for its only procuct. Exerclse 5.8 (5tatic) Perlodic: Inventory costing LO P3 Hemming uses a periodic inventory system. (9) Determine the coats assigned to ending inventary snd to coat of goods sald using FIFQ. (a) Determine the costs ssaigned to ending inventory and to cost of gaods sold using LIFO. (i) Compute the gross arotit for esch method