You huve thefollowing iiformation for Suntand Diamonds. Suntand Diamonds uses the periodic method of accounting for its itwentory transactions. Sunland only earries one berand and sire of diamonds-all are identical. Each batch of diamonts purchased is carefully coded and marked withits porchase cost March 1 Beginning imentory 156 diamonds at a cost of e320per diamond. March 3 Purchased 208 diamonds at a cost of 6364cach March 5 Sold 192diamonds tor 6624 each March 10 Purchased 364 diamonds at a cont of 6400each. March25 Sold416diamonds for 6676 each (a) Assume that Sunland Diamonds uses the spcoific iitentification cost flow inethod. (1) Demonstrate how Surlund Diamonds could maxime its gross profit for the month by seecifically selecting which diamends to To maximize gross profit: Sunland Diamonds should sell the diamonds with the To mewimirn grens prufi, Somband Diamonds thould sell the diamaias with itse (2) Fo ranienire gors profit. Sumtand Diamonds thould sell the dramonds with the (b) Aswame that Siarland OH.monds uses the firo cost flew aksmption. Calculate cost of goods seld. I bow enuch gross probit we0ild Suntand Diamonds report under this cosl fow aspumption? Cost of sosds sold Ctosiprofi (c) Abaine that Sunland Diamond uses tie aveane sort cest How axyangtion. Caloulatecost of goods sold. How mach wross profit would the comparyrepot under this cost How ansiamgition? (Round per unit cost to 3 decimol ploces es 15 . 125 and final annwers to 0 decimal ploces, es, 125. Cost of noods solid Grossprofit You huve thefollowing iiformation for Suntand Diamonds. Suntand Diamonds uses the periodic method of accounting for its itwentory transactions. Sunland only earries one berand and sire of diamonds-all are identical. Each batch of diamonts purchased is carefully coded and marked withits porchase cost March 1 Beginning imentory 156 diamonds at a cost of e320per diamond. March 3 Purchased 208 diamonds at a cost of 6364cach March 5 Sold 192diamonds tor 6624 each March 10 Purchased 364 diamonds at a cont of 6400each. March25 Sold416diamonds for 6676 each (a) Assume that Sunland Diamonds uses the spcoific iitentification cost flow inethod. (1) Demonstrate how Surlund Diamonds could maxime its gross profit for the month by seecifically selecting which diamends to To maximize gross profit: Sunland Diamonds should sell the diamonds with the To mewimirn grens prufi, Somband Diamonds thould sell the diamaias with itse (2) Fo ranienire gors profit. Sumtand Diamonds thould sell the dramonds with the (b) Aswame that Siarland OH.monds uses the firo cost flew aksmption. Calculate cost of goods seld. I bow enuch gross probit we0ild Suntand Diamonds report under this cosl fow aspumption? Cost of sosds sold Ctosiprofi (c) Abaine that Sunland Diamond uses tie aveane sort cest How axyangtion. Caloulatecost of goods sold. How mach wross profit would the comparyrepot under this cost How ansiamgition? (Round per unit cost to 3 decimol ploces es 15 . 125 and final annwers to 0 decimal ploces, es, 125. Cost of noods solid Grossprofit