You have the following information for Kingbird, Inc. Kingbird, Inc. uses the periodic method of accounting for its inventory transactions. Kingbird, Inc. 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. Beginning inventory 144 diamonds at a cost of $326 per diamond. March 3 Purchased 211 diamonds at a cost of $329 each. Sold 190 diamonds for $596 each. March 10 Purchased 320 diamonds at a cost of $390 each. March 25 Sold 385 diamonds for $700 each. March 1 March 5 Assume that Kingbird, Inc uses the specific identification cost flow method. (1) Demonstrate how Kingbird, Inc. 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, Kingbird, Inc. should sell the diamonds with the lowest cost. (2) Demonstrate how Kingbird, Inc. could minimize its gross profit for the month by selecting which diarnonds to sell on March 5 and March 25. To minimize gross profit, Kingbird, Inc. should sell the diamonds with the highest cost. $ 382740 Cost of goods sold to maximize gross profit Cost of goods sold to minimize gross profit $ 202563