Question: please solve for gross profit for part C please Problem 6-6A (Part Level Submission) You have the following information for Pharoah Company. Pharoah Company uses

 please solve for gross profit for part C please Problem 6-6A

please solve for gross profit for part C please

Problem 6-6A (Part Level Submission) You have the following information for Pharoah Company. Pharoah Company uses the periodic method of accounting for its inventory transactions. Pharoah Company only carries one brand and size of diamon ds-all are identical. Each batch of diamonds purchased is carefully coded and marked with its purchase cost. $304 per diamond. March 1 March 3 Beginning inventory 150 diamonds at a cost Purchased 186 diamonds at a cost of $378 each. Sold 167 diamonds for $610 each. March 10 Purchased 352 diamonds at a cost of $405 each. March 5 March 25 Sold 393 diamonds for $699 each. (a) (b) (c) Your answer is partially correct. Try again Assume that Pharoah Company uses the LIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would the company report under this cost flow assumption? 219556 Cost of goods sold 135872 Gross profit

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