Question 6 of 15 1.67/5 View Policies Show Attempt History Current Attempt in Progress You have the following information for Oriole Company. Oriole uses the periodic method of accounting for its inventory transactions. Oriole 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 March 3 March 5 March 10 March 25 Beginning inventory 160 diamonds at a cost of $320 per diamond. Purchased 210 diamonds at a cost of $360 each. Sold 190 diamonds for $610 each. Purchased 360 diamonds at a cost of $385 each. Sold 390 diamonds for $660 each. Your answer is correct. Assume that Oriole uses the specific identification cost flow method. Demonstrate how Oriole could maximize its gross profit for the month by specifically selecting which diamonds to sell on March S and March 25. To maximize gross profit, Oriole should sell the diamonds with the lowest cost 1.67/5 III X Your answer is incorrect Assume that Oriole 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 $ 207775 Gross profit $ 149775 eTextbook and Media List of Accounts X Your answer is incorrect. Assume that Oriole 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 S 198025 Gross profit 159525 e Textbook and Media List of Accounts