012 You have the following information for Novak Gems. Novak uses the periodic method of accounting for its inventory transactions Novak only carries one brand and size of diamonds-all are identical. Each batch of diamonds purchased is carefully coded and marked with its purchase cost. March 1 wered 3 -k Our 5 Beginning inventory 174 diamonds at a cost of $356 per diamond. Purchased 232 diamonds at a cost of $406 each. Sold 216 diamonds for $696 each. Purchased 390 diamonds at a cost of $444 each. Sold 456 diamonds for $754 each. 10 25 (b) Your answer is incorrect. Assume that Novak uses the FIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would Novak report under this cost flow assumption? $ Cost of goods sold $ Gross profit W