You have the following information for Carla Vista Co.. Carla Vista uses the periodic method of accounting for its inventory transactions. Carla Vista 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 150 diamonds at a cost of $300 per diamond. March 3 Purchased 200 diamonds at a cost of $340 each. March 5 Sold 180 diamonds for $650 each. March 10 Purchased 325 diamonds at a cost of $365 each. March 25 Sold 400 diamonds for $700 each. Assume that Carla Vista uses the specific identification cost flow method. (1) Demonstrate how Carla Vista 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, Carla Vista should sell the diamonds with the cost. (2) Demonstrate how Carla Vista could minimize its gross profit for the month by selecting which diamonds to sell on March 5 and March 25. To minimize gross profit, Carla Vista should sell the diamonds with the cost. Assume that Carla Vista 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 $ e Textbook and Media List of Accounts Assume that Carla Vista 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 $