Find the answer to the RED blank with work. The answer is NOT 227,555 or 192891!

You have the following information for Wildhorse Co.. Wildhorse Co. uses the periodic method of accounting for its inventory transactions. Wildhorse Co. 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 144 diamonds at a cost of $283 per diamond. March 3 Purchased 196 diamonds at a cost of $377 each. March 5 Sold 189 diamonds for $646 each. March 10 Purchased 310 diamonds at a cost of $391 each. March 25 Sold 400 diamonds for $707 each. (a) Assume that Wildhorse Co. uses the specific identification cost flow method. (1) Demonstrate how Wildhorse Co. 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, Wildhorse Co. should sell the diamonds with the cost. (2) Demonstrate how Wildhorse Co. could minimize its gross profit for the month by selecting which diamonds to sell on March 5 and March 25. To minimize gross profit, Wildhorse Co. should sell the diamonds with the cost. Cost of goods sold to maximize gross profit $