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 Beginning inventory 140 diamonds at a cost of $300 per diamond. March 3 Purchased 190 diamonds at a cost of $340 each. March 5 Sold 170 diamonds for $600 each. *March 10 Purchased 320 diamonds at a cost of $365 each. March 25 Sold 380 diamonds for $650 each. (b) Your answer is incorrect. 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 $