View Policies Current Attempt in Progress You have the following information for Blossom Company, Blossom uses the periodic method of accounting for its inventory transactions. Blossom 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 Beginning inventory 150 diamonds at a cost of $315 per diamond. Purchased 200 diamonds at a cost of $355 each Sold 180 diamonds for $650 each. Purchased 345 diamonds at a cost of $380 each March 5 March 10 March 25 Sold 380 diamonds for $700 each Assume that Blossom uses the specific identification cost flow method. (1) Demonstrate how Blossom 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, Blossom should sell the diamonds with the cost 12) Demonstrate how Blossom could minimize its gross profit for the month by selecting which diamonds to sell on March and March 25. To minimize gross profit, Blossom should sell the diamonds with the cost eTextbook and Media List of Accounts Assume that Blossom 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 $ Gross profit $ eTextbook and Media List of Accounts Assume that Blossom 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 $ Gross profit $ e Textbook and Media List of Accounts