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 identicat. Each batch of diamonds purchased is carefully coded and marked with its purchase cost. 1 March 1 March 3 March 5 Beginning inventory 150 diamonds at a cost of $315 per diamond. Purchased 200 diamonds at a cost of $355 each. Sold 180 diamonds for $610 each. Purchased 345 diamonds at a cost of $380 each. Sold 385 diamonds for $660 each. March 10 March 25 Assume that Pharoah 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 199950 Gross profit