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 84.0 bottles on hand that cost $3.00 each. They also made the following purchases: 75 bottles for $4 each on Mar. 28 66 bottles for $7 each on Sep. 14 52 bottles for $8 each on Nov. 5 Fermento's sales were as follows: 76 from the beginning inventory 30 from the Mar. 28 purchase 20 from the Sep. 14 purchase 16 from the Nov. 5 purchase All of the wine was sold for $12 per bottle Assume Fermento uses LIFO for inventory costing. What was Fermento's gross margin on the wine for the year? Assume Fermento uses FIFO for inventory costing. What was Fermento's gross margin on the wine for year? Which method would result in the greatest cash flow to Fermento, assuming inflation? (FIFO or LIFO) Please read all the way to the bottom of the feedback