Assume that Bonita Industries uses the FIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would the company report under this cost flow assumption? Gross profit:

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Assume that Bonita Industries uses the LIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would the company report under this cost flow assumption? Gross profit:

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Problem 6-6A You have the following information for Bonita Industries. Bonita Industries uses the periodic method of accounting for its inventory transactions. Bonita Industries only carries one brand and size of diamonds- all are identical. Each batch of diamonds purchased carefully coded and marked with its purchase cost. March 1 Beginning inventory 143 diamonds at a cost of $294 per diamond. March 3 Purchased 201 diamonds at a cost of $327 each. March 5 Sold 180 diamonds for $568 each. March 10 Purchased 362 diamonds at a cost of $374 each. March 25 Sold 429 diamonds for $611 each. Assume that Bonita Industries uses the specific identification cost flow method. (1) Demonstrate how Bonita Industries could maximize its gross profit for the month by specifically selecting which diamonds to sell on March 5 and March 25. To maximize gross profit, Bonita Industries should sell the diamonds with the cost. (2) Demonstrate how Bonita Industries could minimize its gross profit for the month by selecting which diamonds to sell on March 5 and March 25. To minimize gross profit, Bonita Industries should sell the diamonds with the cost