You have the following information for Whispering Winds Gems. Whispering Winds uses the periodic method of accounting for its inventory transactions. Whispering Winds 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 5 Beginning inventory 132 diamonds at a cost of $272 per diamond. Purchased 176 diamonds at a cost of $308 each. Sold 160 diamonds for $528 each, Purchased 292 diamonds at a cost of $332 each. Sold 344 diamonds for $572 each. 10 25 (b) Assume that Whispering Winds uses the FIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would Whispering Winds report under this cost flow assumption? Cost of goods sold $ Gross profit $