You have the following information for Pharoah Company. Pharoah uses the periodic method of accounting for its inventory transactions. Pharoah 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 150 diamonds at a cost of $315 per diamond. March 3 Purchased 200 diamonds at a cost of $355 each. March 5 Sold 180 diamonds for \$610 each. March 10 Purchased 345 diamonds at a cost of $380 each. March 25 Sold 385 diamonds for $660 each. Assume that Pharoah uses the specific identification cost flow method. (1) Demonstrate how Pharoah 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, Pharoah should sell the diamonds with the cost. (2) Demonstrate how Pharoah could minimize its gross profit for the month by selecting which diamonds to sell on March 5 and March 25. To minimize gross profit, Pharoah should sell the diamonds with the cost