Question: please let the answer be clear in the page vertical, not horizontal so I can see You have the following information for Novak Diamonds, Novak

You have the following information for Novak Diamonds, Novak Diamonds uses the periodic method of accounting for its inventory transactions. Novak 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 March 3 Beginning inventory 192 diamonds at a cost of 392 per diamond. Purchased 256 diamonds at a cost of 448 each. Sold 240 diamonds for 768 each Purchased 448 diamonds at a cost of 496 each March 5 March 10 March 25 Sold 512 diamonds for 832 each (b) Assume that Novak Diamonds uses the FIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would Novak Diamonds report under this cost flow assumption? Cost of goods sold Gross profit E (c) Assume that Novak 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, eg. 15.125 and final answers to 0 decimal places, e.g. 125.) Cost of goods sold Gross profit
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