You have the following information for Oriole Diamonds. Oriole Diamonds 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 Beginning inventory 177 diamonds at a cost of 362 per diamond. March 3 Purchased 236 diamonds at a cost of 413 each. March 5 Sold 220 diamonds for 708 each. March 10 Purchased 413 diamonds at a cost of 456 each. March 25 Sold 472 diamonds for 767 each. (c) Assume that Oriole Diamonds uses the average-cost cost flow assumption. Calculate cost of goods sold. How much gross profit would the company report under this cost flow assumption? (Round per unit cost to 3 decimal places, e.g. 15.125 and final answers to O decimal places, e.g. 125.) Cost of goods sold Gross profit