March 1 You have the following information for Wildhorse Co Wildhorse uses the perlodic method of accounting for its inventory transactions Widhorse 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. Beginning inventory 150 diamonds at a cost of $ 320 per diamond. Purchased 200 diamonds at a cost of $ 360 each. Sold 180 diamonds for $ 630 cach, Purchased 350 diamonds at a cost of $ 385 each. March 25 Sold 395 diamonds for $ 680 each March 3 March March 10 (a) Your answer is correct Assume that Wildhorse uses the specic Identification cost flow method (1) Demonstrate how Wildhorse could maximize its gross profit for the month by specifically selecting which diamonds to sell on March 5 and March 25. To maximize prois proht, Wildhorse should sell the diamonds with the lowest cost. 12) Demonstrate how Wildhorse could minimize its gros profit for the month by selecting which diamonds to sell on March 5 and March 25 To minimize gross proht, Wildhorse should sell the diamonds with the highest COST Hype here to carro Your answer is incorrect. Assume that Wildhorse 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 proht $ eTextbook and Media List of Accounts Attempts: unlimited Submit Answer Save for Le Last saved 4 minutes ago Saved work will be auto-submitted on the due date Auto- submission can take up to 10 minutes c) The parts of this question must be completed in order. This part will be available when you complete the part above