You have the following information for Novak Diamonds. Novak Diamonds uses the periodic method of accounting for its inventory transactions. Novak 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 $192$ diamonds at a cost of $392$ per diamond.

March $3$ Purchased $256$ diamonds at a cost of $448$ each.

March $5$ Sold $240$ diamonds for $768$ each.

March $10$ Purchased $448$ diamonds at a cost of $496$ each.

March $25$ Sold $512$ diamonds for $832$ each.calculate cost of goods sold and how much gross profit, uses the FIFO and the average cost flow assumption