You have the following information for Sunland Gems. Sunland uses the periodic system of accounting for its inventory transactions. Sunland 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 $305 per diamond, March 3 Purchased 200 diamonds at a cost of $345 each. March 5 . Sold 180 diamonds for $630 each. March 10 Purchased 325 diamonds at a cost of $370 each. March 25 Sold 380 diamonds for $680 each. Assume that Sunland uses the FIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would Sunland report under this cost flow assumption? Cost of goods sold Gross profit