You have the following information for Shamrock, Inc.. 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. March1 Beginning inventory 156 diamonds at a cost of $311 per diamond. March 3 Purchased 184 diamonds at a cost of $340 each March 5 Sold 174 diamonds for $586 each. March 10 Purchased 327 diamonds at a cost of $376 each. March 25 Sold 362 diamonds for $666 each. Assume that Shamrock uses the FIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would Shamrock report under this cost flow assumption? Cost of goods sold Gross proft eTextbook and Media List of Accounts 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 eTextbook and Media List of Accounts