You have the following information for Concord Diamonds. Concord Diamonds uses the periodic method of accounting for its inventory transactions. Concord 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 132 diamonds at a cost of 272 per diamond. March 3 Purchased 176 diamonds at a cost of 308 each. March 5 Sold 160 diamonds for 528 each. March 10 Purchased 308 diamonds at a cost of 336 each. March 25 Sold 352 diamonds for 572 each. (a) Assume that Concord Diamonds uses the specific identification cost flow method. (1) Demonstrate how Concord Diamonds could maximize its gross profit for the month by specifically selecting which diamonds To maximize gross profit, Concord Diamonds should sell the diamonds with the Lowest Cost Demonstrate how Concord Diamonds could minimize gross profit for the month by selecting which diamonds to sell on M (2) To minimize gross profit, Concord Diamonds should sell the diamonds with the Highest Cost (b) Assume that Concord Diamonds uses the FIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would Concord Diamonds report under this cost flow assumption? Cost of goods sold Gross profit (c) Assume that Concord 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, e.g. 15.125 and final answers to 0 decimal places, e.g. 125.) Cost of goods sold Gross profit