Hemming Company uses a perpetual inventory system to track its only product. It reported current-year purchases and sales. The document asks to determine the costs assigned to ending inventory and cost of goods sold using FIFO and LIFO, and to compute gross profit under each method. Answers should be entered in tabs below.

1. Required Information [The following mformation applies to the questions displayed below.
Hemming Company reported the following current-year purchases and sales for its only product.
Required: Hemming uses a perpetual inventory system. 1. Determme the costs assigned to
ending inventory and to cost of goods sold using FiFO 2. Determine the costs assigned to ending
invertory and to cost of goods sold using LIFO 3. Compure the gross profit for FiFO method and
LiFO method Complete this question by entering your answers in the tabs below. Decermine the
conts atrighed to ending inversory and to cour of goods sild uahg FiFO.