Question 5 of 13 < > View Policies Current Attempt in Progress -/1 E You have the following information for Nash Diamonds. Nash Diamonds uses the periodic method of accounting for its inventory transactions. Nash 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 123 diamonds at a cost of 254 per diamond. March 3 Purchased 164 diamonds at a cost of 287 each. March 5 Sold 148 diamonds for 492 each. March 10 Purchased 287 diamonds at a cost of 312 each. March 25 Sold 328 diamonds for 533 each. (a) Assume that Nash Diamonds uses the specific identification cost flow method. (1) Demonstrate how Nash Diamonds could maximize its gross profit for the month by specifically selecting which diamonds to se To maximize gross profit, Nash Diamonds should sell the diamonds with the Demonstrate how Nash Diamonds could minimize its gross profit for the month by selecting which diamonds to sell on March!