Problem 6-6A (Part Level Submission) You have the following information for Pharoah Company. Pharoah Company uses the periodic method of accounting for its inventory transactions. Pharoah Company only carries one brand and size of diamondsall are identical. Each batch of diamonds purchased is carefully coded and marked with its purchase cost. March 1 Beginning inventory 150 diamonds at a cost of $304 per diamond. March 3 Purchased 186 diamonds at a cost of $378 each. March 5 Sold 167 diamonds for $610 each. March 10 Purchased 352 diamonds at a cost of $405 each. March 25 Sold 393 diamonds for $699 each. Assume that Pharoah Company 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 $enter a dollar amountEntry field with incorrect answer Gross profit