You have the following information for Sandhill Co.. Sandhill uses the periodic method of accounting for its inventory transactions. Sandhill 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 150 diamonds at a cost of $300 per diamond.
March 3		Purchased 200 diamonds at a cost of $340 each.
March 5		Sold 190 diamonds for $630 each.
March 10		Purchased 320 diamonds at a cost of $365 each.
March 25		Sold 395 diamonds for $680 each.

Assume that Sandhill 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 $_______

Gross profit $_______

Assume that Sandhill uses the LIFO 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 $_______

Gross profit $_______