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Use the following Information for the Exerclses below. $($Algo$)$

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

Exerclse $5-10$A $($Algo$)$ Perpetual: Inventory costing methods$-$FIFO and LIFO LO P$3$

Required:

Hemming uses a perpetual Inventory system.

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.

Compute the gross profit for FIFO method and LIFO method.

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Compute the gross profit for FIFO method and LIFO method.