*Problem 6-6A You have the following information for Wooderson Gems. Wooderson uses the periodic method of accounting for its inventory transactions. Wooderson 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 226 diamonds at a cost of $467 per diamond March 3 Purchased 301 diamonds at a cost of $527 each. March 5 Sold 271 diamonds for $903 each. March 10 Purchased 497 diamonds at a cost of $564 each. March 25 Sold 587 diamonds for $978 each. Your answer is incorrect. Try again. Assume that Wooderson Gems uses the specific identification cost flow method (1) Demonstrate how Wooderson could maximize its gross profit for the month by specifically selecting which diamonds to sell on March 5 and March 25 (2) Demonstrate how Wooderson could minimize its gross profit for the month by selecting which diamonds to sell on Mach 5 and March 25 owest To maximize gross profit, Wooderson Gems should sell the diamonds with the cost. To minimize gross profit, Wooderson Gems should sell the diamonds with the highest cost. x Your answer is incorrect. Try again Assume that Wooderson 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 sold450853 Gross profit xYour answer is incorrect. Try again. Assume that Wooderson 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