(C) PLUS THE LIFO OF COST OF GOODS SOLD AND GROSS PROFIT

PLEASE PLEASE HELP

I WILL LIKE

You have the following information for Bramble Gems. Bramble uses the periodic method of accounting for its inventory transactions. Bramble 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 141 diamonds at a cost of $290 per diamond. 3 Purchased 188 diamonds at a cost of $329 each. 5 Sold 172 diamonds for $564 each. 10 Purchased 313 diamonds at a cost of $356 each. 25 Sold 368 diamonds for $611 each. (a) Your answer is correct. Assume that Bramble Gems uses the specific identification cost flow method. (1) How could Bramble maximize its gross profit for the month by specifically selecting which diamonds to sell on March 5 and March 25? To maximize gross profit, Bramble should sell the diamonds with the cost. (2) How could Bramble minimize its gross profit for the month by selecting which diamonds to sell on March 5 and March 25 ? To minimize gross profit, Bramble should sell the diamonds with the cost. Solution Attempts: 1 of 1 used (b) Assume that Bramble uses the FIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would Bramble report under this cost flow assumption? Cost of goods sold Gross profit $