You have the following information for Sheridan Company. Sheridan uses the periodic method of accounting for its inventory transactions. Sheridan 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 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 175 diamonds for $ 640 each. Purchased 355 diamonds at a cost of $ 380 each. Sold 390 diamonds for $690 each. March 10 March 25 (a) Your answer is correct Assume that Sheridan uses the specific identification cost flow method. (1) Demonstrate how Sheridan could maximize its gross profit for the month by specifically selecting which diamonds to sell on March 5 and March 25. To maximize gross profit, Sheridan should sell the diamonds with the lowest cost. (2) Demonstrate how Sheridan could minimize its gross profit for the month by selecting which diamonds to sell on March 5 and March 25. To minimize gross profit, Sheridan should sell the diamonds with the highest cost. Assume that Sheridan 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 $ $