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 diamonds?all 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.

V (a) Assume that Jewels Gems uses the LIFO oust ow assumption. Calculate cost of goods sold. HowI much gross prot would the oemrlan'llr report under thls oust " assumption? Costofgoodssold * Gross prot $ F