You have the following information for Sunland Company. Sunland uses the periodic method of accounting for its inventory transactions. Sunland only carries one brand and size of diamondsall 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 $300 per diamond.
March 3		Purchased 200 diamonds at a cost of $340 each.
March 5		Sold 170 diamonds for $630 each.
March 10		Purchased 345 diamonds at a cost of $365 each.
March 25		Sold 385 diamonds for $680 each.

Assume that Sunland 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 ?

Assume that Sunland 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 ?