You have the following information for Oriole Company. Oriole uses the periodic method of accounting for its inventory transactions. Oriole 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 inventory 160 diamonds at a cost of $320 per diamond.
March 3		Purchased 210 diamonds at a cost of $360 each.
March 5		Sold 175 diamonds for $610 each.
March 10		Purchased 335 diamonds at a cost of $385 each.
March 25		Sold 380 diamonds for $660 each.

Assume that Oriole uses the specific identification cost flow method.

(1)		Demonstrate how Oriole could maximize its gross profit for the month by specifically selecting which diamonds to sell on March 5 and March 25.
		To maximize gross profit, Oriole should sell the diamonds with the select an option lowesthighest cost.
(2)		Demonstrate how Oriole could minimize its gross profit for the month by selecting which diamonds to sell on March 5 and March 25.
		To minimize gross profit, Oriole should sell the diamonds with the select an option lowesthighest cost.

Assume that Oriole 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		$enter a dollar amount
Gross profit		$enter a dollar amount

Assume that Oriole 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		$enter a dollar amount
Gross profit		$enter a dollar amount