Assume that Wildhorse uses the FIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would Wildhorse report under this cost flow assumption? $ Gross profit $ eTextbook and Media Attempts: unlimite (c) Assume that Wildhorse 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 Wildhorse Gems. Wildhorse uses the periodic system of accounting for its inventory transactions. Wildhorse 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 150 diamonds at a cost of $320 per diamond. March 3 Purchased 200 diamonds at a cost of $360 each. March 5 Sold 190 diamonds for $620 each. March 10 Purchased 350 diamonds at a cost of $385 each. March 25 Sold 390 diamonds for $670 each