Current Attempt in Progress You have the following information for Blossom Company Blossom uses the periodic method of accounting for its inventory transactions Blossom 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 140 diamonds at a cost of $300 per diamond March 3 Purchased 190 diamonds at a cost of $340 each March 5 Sold 170 diamonds for $600 each March 10 Purchased 320 diamonds at a cost of $365 each March 25 Sold 380 diamonds for $650 each (a) Your answer is correct Assume that Blossom uses the specific identification cost flow method. (1) (2) Demonstrate how Blossom could maximize its gross profit for the month by specifically selecting which diamonds to sell on March 5 and March 25. To maximize gross profit, Blossom should sell the diamonds with the lowest cost Demonstrate how Blossom could minimize its gross profit for the month by selecting which diamonds to sell on March 5 and March 25. To minimize gross profit. Blossom should sell the diamonds with the highest cost. (b) eTextbook and Media List of Accounts Attempts: unlimited Your answer is correct. Assume that Blossom uses the FIFO 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 MOO 142100