March 1 Beginning inventody 156 diamonds at a cost of $320 per diamond. 3 Purchased 208 diamonds at a cost of $364 each. 5 Sold 192 diamonds for $624 each. 10 Purchased 348 diamonds at a cost of $396 each. 25 Sold 408 diamonds for $676 each. Assume that Waterway 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 Gross profit