You have the following information for Blossom Diamonds. Blossom Diamonds uses the periodic method of accounting for its inventory transactions. Blossom only carries one brand and size of diamondsall are identical. Each batch of diamonds purchased is carefully coded and marked with its purchase cost.

March 1	Beginning inventory 186 diamonds at a cost of 380 per diamond.
March 3	Purchased 248 diamonds at a cost of 434 each.
March 5	Sold 232 diamonds for 744 each.
March 10	Purchased 434 diamonds at a cost of 480 each.
March 25	Sold 496 diamonds for 806 each

a/ Assume that Blossom Diamonds uses the FIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would Blossom Diamonds report under this cost flow assumption?

b/ Assume that Blossom 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?