You have the following information for Oriole Gems. 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 159 diamonds at a cost of $326 per diamond.

march 3 Purchased 212 diamonds at a cost of $371 each.

march 5 Sold 196 diamonds for $636 each.

march 10 Purchased 355 diamonds at a cost of $404 each.

march 25 Sold 416 diamonds for $689 each.

Assume that Oriole uses the FIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would Oriole report under this cost flow assumption?

Cost of goods sold		$enter cost of goods sold in dollars
Gross profit