You have the following information for Crane Company. Crane uses the periodic method of accounting for its inventory transactions. Crane 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 160 diamonds at a cost of $300 per diamond. March 3 Purchased 210 diamonds at a cost of $340 each. March 5 Sold 170 diamonds for $600 each March 10 Purchased 325 diamonds at a cost of $365 each. March 25 Sold 380 diamonds for $650 each, (b) Your answer is correct. Assume that Crane 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 $ 185100 Gross profit $ 163900 Assume that Crane 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 $