Periodic Method****

OWL Question for Unit 5-1 Inventory costing methods Question Status: ? ? 2 ? 2 4 8:1 3 5 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? CHECK