You have the following information for Windsor Diamonds. Windsor Diamonds uses the periodic method of accounting for its inventory transactions. Windsor only carries one brand and size of diamonds - all are identicalEach batch of diamonds purchased is carefully coded and marked with its purchase cost. March 1 March 3 March 5 Beginning inventory 141 diamonds at a cost of 290 per diamond. Purchased 188 diamonds at a cost of 329 each. Sold 172 diamonds for 564 each Purchased 329 diamonds at a cost of 360 each. Sold 376 diamonds for 611 each March 10 March 25 (a) Assume that Windsor Diamonds uses the specific identification cost flow method. (1) Demonstrate how Windsor Diamonds could maximize its gross profit for the month by specifically selecting which diamondste To maximize gross profit. Windsor Diamonds should sell the diamonds with the Demonstrate how Windsor Diamonds could minimize its gross proht for the month by selecting which diamonds to sell on Mar To minimize gross profit. Windsor Diamonds should sell the diamonds with the (b) Assume that Windsor Diamonds uses the FIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would Windsor Diamonds report under this cost flow assumption? Cost of goods sold E Gross pront (c) Assume that Windsor Diamonds uses the average cost cost flow assumption. Calculate cost of goods sold. How much gross profit would the company report under this cost flow assumption? (Round per unit cost to 3 decimal places, eg. 15.125 and final answers to o decimal places, eg. 125) Cost of goods sold E Gross profit