Assume that Whispering Winds Corp. uses the FIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would Whispering Winds Corp, report under this cost flow assumption? Cost of goods sold $ Gross profit You have the following information for Whispering Winds Corp.. Whispering Winds Corp. uses the periodic method of accounting for its inventory transactions. Whispering Winds Corp. 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 137 diamonds at a cost of $295 per diamond. March 3 Purchased 209 diamonds at a cost of $359 each. March 5 Sold 196 diamonds for $655 each. March 10 Purchased 336 diamonds at a cost of $411 each. March 25 Sold 410 diamonds for $703 each