You have the following information for Jewels Gems. Jewels Gems uses the periodic method of accounting for its inventory transactions. Jewels Gems 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 inventory150diamonds at a cost of $310per diamond.

March 3 Purchased200diamonds at a cost of $350each.

March 5 Sold180diamonds for $600each.

March 10 Purchased330diamonds at a cost of $375each.

March 25 Sold390diamonds for $650each.

Assume that Jewels Gems 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

$__________