You have the following information for Ivanhoe Company. Ivanhoe uses the periodic method of accounting for its inventory transactions. Ivanhoe 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 160 diamonds at a cost of $300 per diamond.
March 3		Purchased 210 diamonds at a cost of $340 each.
March 5		Sold 175 diamonds for $620 each.
March 10		Purchased 350 diamonds at a cost of $365 each.
March 25		Sold 390 diamonds for $670 each.

Assume that Ivanhoe 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		$enter a dollar amount enter a dollar amount
Gross profit		$enter a dollar amount enter a dollar amount