You have the following information for Cullumber Company. Cullumber uses the periodic method of accounting for its inventory transactions. Cullumber 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 140 diamonds at a cost of $ 320 per diamond. March 3 Purchased 190 diamonds at a cost of $360 each. March 5 Sold 170 diamonds for $ 640 each. March 10 Purchased 340 diamonds at a cost of $385 each. March 25 Sold 385 diamonds for $690 each. (b) Assume that Cullumber 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 $ $ Assume that Culumber 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 Click If you would like to Show Work for this question: Open Show Work