Problem 6-6A You have the following information for Bramble Corp.. Bramble Corp. uses the periodic method of accounting for its inventory transactions. Bramble Corp. 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 139 diamonds at a cost of $293 per diamond. March 3 Purchased 200 diamonds at a cost of $331 each. March 5 Sold 195 diamonds for $558 each. March 10 Purchased 322 diamonds at a cost of $366 each. March 25 Sold 422 diamonds for $594 each. Your answer is correct. Assume that Bramble Corp. uses the specific identification cost flow method. (1) Demonstrate how Bramble Corp. 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, Bramble Corp. should sell the diamonds with the lowest v cost. (2) Demonstrate how Bramble Corp. could minimize its gross profit for the month by selecting which diamonds to sell on March 5 and March 25. To minimize gross profit, Bramble Corp. should sell the diamonds with the highest cost. SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT Assume that Bramble Corp. 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 SHOW LIST OF ACCOUNTS LINK TO TEXT x Your answer is incorrect. Try again. Assume that Bramble Corp. 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 SHOW LIST OF ACCOUNTS LINK TO TEXT