View Policies Current Attempt in Progress You have the following information for Oriole Diamonds. Oriole Diamonds 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 Beginning inventory 177 diamonds at a cost of 362 per diamond. Purchased 236 diamonds at a cost of 413 each. Sold 220 diamonds for 708 each Purchased 413 diamonds at a cost of 456 each. Sold 472 diamonds for 767 each March 10 March 25 (a) Assume that Oriole Diamonds uses the specific identification cost flow method. Demonstrate how Orlole Diamonds could maximize its gross profit for the month by specifically selecting which diamonds tos To maximize gross profit, Oriole Diamonds should sell the diamonds with the Demonstrate how Oriole Diamonds could minimize its gross profit for the month by selecting which diamonds to sell on March 121 To minimize tross proht, Orlole Diamonds should sell the diamonds with the (b) Assume that Oriole Diamonds uses the FIFO cost flow assumption. Calculate cost of goods sold. How much gross proft would Oriole Diamonds report under this cost flow assumption? Cost of goods sold Gross profit (c) Assume that Oriole 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 decimal places, e.g. 125.) Cost of goods sold Gross profit e Textbook and Media Sive for later Attempts: 0 of 3 used Submit Answer Search o RI 9 10 2