You have the following information for Splish Brothers Inc.. Splish Brothers Inc. uses the periodic method of accounting for its inventory transactions. Splish Brothers Inc. 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 157 diamonds at a cost of $317 per diamond. March 3 Purchased 219 diamonds at a cost of $364 each. March 5 Sold 166 diamonds for $607 each. March chased 298 diamonds at a cost of $403 each. March 25 Sold 414 diamonds for $588 each. (a) Assume that Splish Brothers Inc. uses the specific identification cost flow method. (1) Demonstrate how Splish Brothers Inc. 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, Splish Brothers Inc. should sell the diamonds with the cost. (2) Demonstrate how Splish Brothers Inc. could minimize its gross profit for the month by selecting which diamonds to sell on March 5 and March 25. To minimize gross profit, Splish Brothers Inc. should sell the diamonds with the cost. Cost of goods sold to maximize gross profit $ Cost of goods sold to minimize gross profit $