You have the following information for Indigo Gems. Indigo uses the periodic method of accounting for its inventory transactions. Indigo 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 13 5 10 225 25 Beginning inventory 183 diamonds at a cost of $374 per diamond. Purchased 244 diamonds at a cost of $427 each. Sold 228 diamonds for $732 each. Purchased 411 diamonds at a cost of $468 each. Sold 480 diamonds for $793 each. (b) x Your answer is incorrect. Assume that Indigo uses the FIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would Indigo report under this cost flow assumption?