You have the following information for Sweet Acacia Gems. Sweet Acacia uses the periodic method of accounting for its inventory transactions. Sweet Acacia 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 3 a 5 Beginning inventory 180 diamonds at a cost of $368 per diamond. Purchased 240 diamonds at a cost of $420 each. Sold 224 diamonds for $720 each. Purchased 404 diamonds at a cost of $460 each. Sold 472 diamonds for $780 each. 10 25 a (a) Your answer is correct Assume that Sweet Acacia Gems uses the specific identification cost flow method (1) How could Sweet Acacia maximize its gross profit for the month by specifically selecting which diamonds to sell on March 5 and March 25? To maximize gross proft, Sweet Acacia should sell the diamonds with the lowest v dost. (2) How could Sweet Acacia minimize its gross profit for the month by selecting which diamonds to sell on March 5 and March 25 To minimize gross profit, Sweet Acacia should sell the diamonds with the highest cost Assume that Sweet Acacia uses the FIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would Sweet Acacia report under this cost flow assumption? Cost of goods sold $ Gross profit $