You have the following information for Swifty Diamonds. Swifty Diamonds uses the periodic method of accounting for its inventory transactions. Swifty 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 $126$ diamonds at a cost of $260$ per diamond.

March $3$ Purchased $168$ diamonds at a cost of $294$ each.

March $5$ Sold $152$ diamonds for $504$ each.

March $10$ Purchased $294$ diamonds at a cost of $320$ each.

March $25$ Sold $336$ diamonds for $546$ each. $($b$)$ Assume that Swifty Diamonds uses the FIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would

Swifty Diamonds report under this cost flow assumption?

Cost of goods sold $,$

Gross profit

$$

$($c$)$ Assume that Swifty Diamonds uses the average$-$cost cost flow assumption. Calculate cost of goods sold. How much gross profit

would the company report under this cost flow assumption? $($Round per unit cost to $3$ decimal places, e$.$g$.15\mathrm{.}125$ and final

answers to $0$ decimal places, e$.$g$.125.)$

Cost of goods sold $$

Gross profit

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