C) Assume that Sweet Acacia Industries uses the LIFO cost flow assumption. Calculate the cost of goods sold. How much gross profit would the company report under this cost flow assumption?

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Problem 6-6A (Part Level Submission) You have the following information for Sweet Acacia Industries. Sweet Acacia Industries uses the periodic method of accounting for its inventory transactions. Sweet Acacia 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 163 diamonds at a cost of $335 per diamond March 3 Purchased 188 diamonds at a cost of $339 each. March 5 Sold 164 diamonds for $649 each March 10 Purchased 322 diamonds at a cost of $388each March 25 Sold 377 diamonds for $588 each