5 of 5 View Policies < Current Attempt in Progress -/11 You have the following information for Bonita Diamonds. Bonita Diamonds uses the periodic method of accounting for its inventory transactions. Bonita 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 Beginning inventory 144 diamonds at a cost of 296 per diamond. March 3 Purchased 192 diamonds at a cost of 336 each. March 5 Sold 176 diamonds for 576 each. March 10 Purchased 336 diamonds at a cost of 368 each. March 25 Sold 384 diamonds for 624 each. (a) Assume that Bonita Diamonds uses the specific identification cost flow method. (1) Demonstrate how Bonita Diamonds could maximize its gross profit for the month by specifically selecting which diamonds to s To maximize gross profit, Bonita Diamonds should sell the diamonds with the Lowest Cost Highest Cost Demonstrate how Bonita Diamonds could minimize its gross profit for the month by selecting which diamonds to sell on March (2) To minimize gross profit, Bonita Diamonds should sell the diamonds with the (b) Assume that Bonita Diamonds uses the FIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would Bonita Diamonds report under this cost flow assumption? Cost of goods sold Gross profit (c) Assume that Bonita Diamonds uses the average-cost cost flow assumption. Calculate cost of goods sold. How much gross profit would the company report under this cost flow assumption? (Round per unit cost to 3 decimal places, e.g. 15.125 and final answers to O decimal places, e.g. 125.) Cost of goods sold Gross profit ww