Hi, can someone please explain how to solve for fifo and lifo step by step because I am unsure. I know what each term is. However, I don't know how to apply them in this context.

[The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross profit for each method