2 of 3 < > 1.33/4 E You have the following information for Ivanhoe Company. Ivanhoe uses the periodic method of accounting for its inventory transactions. Ivanhoe 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. Beginning inventory 160 diamonds at a cost of $300 per diamond. March 1 March 3 Purchased 210 diamonds at a cost of $340 each. March 5 March 10 Sold 175 diamonds for $620 each Purchased 350 diamonds at a cost of $365 each March 25 Sold 390 diamonds for $670 each (a) (b) X Your answer is incorrect. Assume that Ivanhoe uses the FIFO cost flow assumption Calculate cost of goods sold. How much gross pront would the company report under this cost flow assumption? Cost of goods sold $ 207775 Gross profit $ 149775