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 diamonds-all 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 $320 per diamond. Purchased 200 diamonds at a cost of $360 each. March 3 March 5 Sold 180 diamonds for $640 each. March 10 Purchased 340 diamonds at a cost of $385 each. March 25 Sold 400 diamonds for $690 each. Assume that Ivanhoe uses the specific identification cost flow method. (1) Demonstrate how Ivanhoe could maximize its gross profit for the month by specifically selecting which diamonds to sell on March 5 and March 25. To maximize gross profit, Ivanhoe should sell the diamonds with the cost. (2) Demonstrate how Ivanhoe could minimize its gross profit for the month by selecting which diamonds to sell on March 5 and March 25. To minimize gross profit, Ivanhoe should sell the diamonds with the cost. Assume that Ivanhoe 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 $ e Textbook and Media List of Accounts 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 $ $ Gross profit $ ta