Fermento sells a wine it purchases from a local brewer. Fermento stocked up on the wine throughout the year, preparing for a special millenium sales event in late December. On January $1,$ Fermento had $85$ bottles on hand that cost $$10$ each. They also made the following purchases:

$15$ bottles for $$9$ each on Mar. $28$

$20$ bottles for $$7$ each on Sep. $14$

$80$ bottles for $$12$ each on Nov. $5$

Fermento$$s sales were as follows:

$11$ from the beginning inventory

$10$ from the Mar. $28$ purchase

$15$ from the Sep. $14$ purchase

$18$ from the Nov. $5$ purchase

All of the wine was sold for $$27$ per bottle.

Assume Fermento uses LIFO for inventory costing.

What was Fermento$$s cost of goods available for sale for the year?

What was Fermento$$s cost of ending inventory for the wine at December $31?$

What was Fermento$$s gross margin on the wine for the year?

Assume Fermento uses FIFO for inventory costing.

What was Fermento$$s cost of goods available for sale for the year?

What was Fermento$$s gross margin on the wine for the year?