Problem 6-06A a-c You have the following information for Cullumber Company. Cullumber uses the periodic method of accounting for its inventory transactions. Cullumber 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 $315 per diamond. March 3 Purchased 190 diamonds at a cost of $355 each. March 5 Sold 170 diamonds for $600 each. March 10 Purchased 360 diamonds at a cost of $380 each. March 25 Sold 400 diamonds for $650 each. Assume that Cullumber uses the specific identification cost flow method. (1) Demonstrate how Cullumber 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, Cullumber should sell the diamonds with the lowest cost. (2) Demonstrate how Cullumber could minimize its gross profit for the month by selecting which diamonds to sell on March 5 and March 25. lowest A To minimize gross profit, Cullumber should sell the diamonds with the cost. Assume that Cullumber 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 " Assume that Cullumber 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 Click if you would like to Show Work for this question: Open Show Work