You have the following information for Kingbird, Inc Kingbird uses the periodic method of accounting for its inventory transactions Kingbird 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 March 3 March 5 March 10 March 25 Beginning inventory 144 diamonds at a cost of $326 per diamond Purchased 211 diamonds at a cost of $329 each Sold 190 diamonds for $596 each Purchased 320 diamonds at a cost of $390 each Sold 385 diamonds for $700 each Assume that Kingbird uses the FIFO cost flow assumption Calculate cost of goods sold How much gross profit would Kingbird report under this cost flow assumption Cost of goods sold Gross profit eTextbook and Media eTextbook List of Accounts Assume that Kingbird uses the LIFO cost flow assumption Calculate cost of goods sold How much gross profit would the company report under this cost flow assumption Cost of goods sold$ Gross profit

Question

You have the following information for Kingbird, Inc   Kingbird uses the periodic method of accounting for its inventory transactions  Kingbird 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 March 3 March 5 March 10 March 25 Beginning inventory 144 diamonds at a cost of $326 per diamond Purchased 211 diamonds at a cost of $329 each  Sold 190 diamonds for $596 each Purchased 320 diamonds at a cost of $390 each  Sold 385 diamonds for $700 each  Assume that Kingbird uses the FIFO cost flow assumption  Calculate cost of goods sold  How much gross profit would Kingbird report under this cost flow assumption  Cost of goods sold Gross profit eTextbook and Media eTextbook List of Accounts Assume that Kingbird uses the LIFO cost flow assumption  Calculate cost of goods sold  How much gross profit would the company report under this cost flow assumption  Cost of goods sold$ Gross profit

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You have the following information for Kingbird, Inc.. Kingbird uses the periodic method of accounting for its inventory transactions. Kingbird only carries one brand and

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