Ethics Case BYP6-8 Quality Diamonds carries only one brand and size of diamonds-all are identical. Each batch of diamonds purchased is carefully coded and marked with its purchase cost. The following data are available: Mar. 1 Opening inventory, 150 diamonds at a cost of $300 per diamond. 3 Purchased 200 diamonds at a cost of $350 each. 5 Sold 180 diamonds for $600 each. 10 Purchased 350 diamonds at a cost of $375 each. 25 Sold 500 diamonds for $650 each. Instructions (a) Assume that Quality Diamonds uses the specific identification cost flow method. 1. Demonstrate how Quality Diamonds could maximize its gross profit for the month by selecting which diamonds to sell on March 5 and March 25. 2. Demonstrate how Quality Diamonds could minimize its gross profit for the month by selecting which diamonds to sell on March 5 and March 25. (b) Assume that Quality Diamonds uses the weighted average cost flow assumption and a peri- odic inventory method. How much gross profit would Quality Diamonds report under this cost flow assumption? (c) Who are the stakeholders in this situation? Is there anything unethical in choosing which dia- monds to sell in a month? (d) Which cost flow method should Quality Diamonds select? Explain