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 Beginning inventory 150 diamonds at a cost of $315 per diamond. March 3 Purchased 200 diamonds at a cost of $355 each. March 5 Sold 175 diamonds for $640 each. March 10 Purchased 355 diamonds at a cost of $380 each. March 25 Sold 390 diamonds for $690 each. (b) X Your answer is incorrect. 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 167450 Gross profit $ 213650