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 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 160 diamonds at a cost of $320 per diamond. Purchased 210 diamonds at a cost of $360 each. Sold 175 diamonds for $610 each. Purchased 335 diamonds at a cost of $385 each. Sold 380 diamonds for $660 each. Your answer is correct. Assume that Oriole uses the specificidentification 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 lowest 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 highest cost. e Textbook and Media List of Accounts * Your answer is incorrect. 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 $ 236525 Gross profit $ 121025