You have the following information for Coronado Diamonds. Coronado Diamonds uses the periodic method of accounting for its inventory transactions. Coronado 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 153 diamonds at a cost of 314 per diamond. March 3 Purchased 204 diamonds at a cost of 357 each. March 5 Sold 188 diamonds for 612 each. March 10 Purchased 357 diamonds at a cost of 392 each. March 25 Sold 408 diamonds for 663 each. (a) Assume that Coronado Diamonds uses the specific identification cost flow method. (1) Demonstrate how Coronado Diamonds could maximize its gross profit for the month by specifically selecting which diamonds To maximize gross profit, Coronado Diamonds should sell the diamonds with the (2) Demonstrate how Coronado Diamonds could minimize its gross profit for the month by selecting which diamonds to sell on Ma To minimize gross profit, Coronado Diamonds should sell the diamonds with the Question 5 of 5 < -/1 E (b) Assume that Coronado Diamonds uses the FIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would Coronado Diamonds report under this cost flow assumption? Cost of goods sold Gross profit (c) Assume that Coronado 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, eg. 15.125 and final answers to O decimal places, eg. 125.) Cost of goods sold Gross profit eTextbook and Media Save for Later Attempts: 0 of 3 used Submit