Assume that Coronado 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? Cost of goods sold Gross profit You have the following information for Coronado Industries. Coronado Industries uses the periodic method of accounting for its inventory transactions. Coronado Industries 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 138 diamonds at a cost of $283 per diamond. March 3 Purchased 183 diamonds at a cost of $318 each. March 5 Sold 167 diamonds for $579 each. March 10 Purchased 327 diamonds at a cost of $383 each. March 25 Sold 365 diamonds for $598 each