You have the following information for Metlock Gems. Metlock uses the periodic method of accounting for its inventory transactions. Metlock 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 129 diamonds at a cost of $266 per diamond. 3 Purchased 172 diamonds at a cost of $301 each. 5 Sold 156 diamonds for $516 each. 10 Purchased 285 diamonds at a cost of $324 each. Sold 336 diamonds for $559 each. 25 (b) Assume that Metlock uses the FIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would Matlock report under this cost flow assumption? Cost of goods sold $ Gross profit $ Current Attempt in Progress In its first month of operations, Sandhill Company made three purchases of merchandise in the following sequence: (1) 700 units at $9.02) 800 units at $11, and (3) 1,000 units at $12. Assuming there are 600 units on hand at the end of the period. Sandhill uses a periodic inventory system. Compute the cost of the ending inventory under the average cost method. (Round the cost per unit to 3 decimal places, eg. 8.875 and the final answer to decimal places, eg,5,275.) $ Cost of the ending inventory