You have the following information for Shamrock Gems. Shamrock uses the periodic method of accounting for its inventory

transactions. Shamrock 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 $189$ diamonds at a cost of $$386$ per diamond.

$3$ Purchased $252$ diamonds at a cost of $$441$ each.

$5$ Sold $236$ diamonds for $$756$ each.

$10$ Purchased $425$ diamonds at a cost of $$484$ each.

$25$ Sold $496$ diamonds for $$819$ each.

$($a$)$

$($b$)$

$($c$)$

Assume that Shamrock 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 $