You have the following information for Cullumber Company. Cullumber uses the periodic method of accounting for its inventory transactions. Cullumberonly 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 150 diamonds at a cost of $300 per diamond

March 3 Purchased 200 diamonds at a cost of $340 each.

March 5 Sold 175 diamonds for $650 each.

March 10 Purchased 350 diamonds at a cost of $365 each.

March 25 Sold 395 diamonds for $700 each.

1.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 $_______

2. Assume that Cullumber 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 proft $_______

PLEASE SHOW CALCULATIONS!