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 diamondsall are identical. Each batch of diamonds purchased is carefully coded and marked with its purchase cost.

March 1		Beginning inventory 140 diamonds at a cost of $305 per diamond.
March 3		Purchased 190 diamonds at a cost of $345 each.
March 5		Sold 170 diamonds for $630 each.
March 10		Purchased 340 diamonds at a cost of $370 each.
March 25		Sold 390 diamonds for $680 each.

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		$
Gross profit		$