Question: You have the following information for Windsor Diamonds. Windsor Diamonds uses the periodic method of accounting for its inventory transactions. Windsor only carries one brand

You have the following information for Windsor Diamonds. Windsor Diamonds uses the periodic method of accounting for its inventory transactions. Windsor 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 Beginning inventory 141 diamonds at a cost of €290 per diamond.

March 3 Purchased 188 diamonds at a cost of €329 each.

March 5 Sold 172 diamonds for €564 each.

March 10 Purchased 329 diamonds at a cost of €360 each.

March 25 Sold 376 diamonds for €611 each.

Assume that Windsor Diamonds uses the average-cost cost flow assumption. Calculate cost of goods sold. How much are the gross profit and cost of goods sold?

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