You have the following information for Whispering Diamonds. Whispering Diamonds uses the periodic method of accounting for its inventory transactions. Whispering 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 308 per diamond.
March 3		Purchased 200 diamonds at a cost of 350 each.
March 5		Sold 184 diamonds for 600 each.
March 10		Purchased 350 diamonds at a cost of 384 each.
March 25		Sold 400 diamonds for 650 each.

(b) Assume that Whispering Diamonds uses the FIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would Whispering Diamonds report under this cost flow assumption?

Cost of goods sold = ?

Gross profit = ?

(c) Assume that Whispering 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. 15.125 and final answers to 0 decimal places, e.g. 125.)

Cost of goods sold = ?

Gross profit = ?