Problem 6-6A (Part Level Submission) You have the following information for Waterway Industries. Waterway Industries uses the periodic method of accounting for its inventory transactions. Waterway Industries 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. March1 Beginning inventory 150 diamonds at a cost of $281 per diamond March 3 Purchased 199 diamonds at a cost of $346 each. March 5 Sold 188 diamonds for $583 each March 10 Purchased 343 diamonds at a cost of $354 each. March 25 Sold 374 diamonds for $689 each Assume that Waterway Industries 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