(c) * Your answer is incorrect. Assume that Carla Vista 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 203125 $ 193875 Gross profit You have the following information for Carla Vista Co. Carla Vista uses the periodic method of accounting for its inventory transactions. Carla Vista 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 March 3 March 5 Beginning inventory 150 diamonds at a cost of $320 per diamond Purchased 200 diamonds at a cost of $360 each Sold 170 diamonds for $650 each. Purchased 335 diamonds at a cost of $385 each Sold 380 diamonds for $700 each. March 10 March 25