You have the following information for Pharoah Gems. 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 177 diamonds at a cost of $362 per diamond. 3 5 10 25 Purchased 236 diamonds at a cost of $413 each. Sold 220 diamonds for $708 each. Purchased 397 diamonds at a cost of $452 each. Sold 464 diamonds for $767 each (a) Assume that Pharoah Gems uses the specific identification cost flow method. (1) How could Pharoah maximize its gross profit for the month by specifically selecting which diamonds to sell on March 5 and March 25? (2) To maximize gross profit, Pharoah should sell the diamonds with the cost. lowest highest How could Pharoah minimize its gross profit for the month by selectmonds to sell on March 5 and March 25? To minimize gross pront. Pharoah should sell the diamonds with the cost.