You have the following information for Blossom Gems. Blossom uses the periodic method of accounting for...

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You have the following information for Blossom Gems. Blossom uses the periodic method of accounting for its inventory transactions. Blossom 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 168 diamonds at a cost of $344 per diamond. 3 Purchased 224 diamonds at a cost of $392 each. Sold 208 diamonds for $672 each. 10 Purchased 376 diamonds at a cost of $428 each. 25 Sold 440 diamonds for $728 each. Assume that Blossom uses the LIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would the company report under this cost flow assumption? Cost of goods sold Gross profit %24 You have the following information for Blossom Gems. Blossom uses the periodic method of accounting for its inventory transactions. Blossom 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 168 diamonds at a cost of $344 per diamond. 3 Purchased 224 diamonds at a cost of $392 each. Sold 208 diamonds for $672 each. 10 Purchased 376 diamonds at a cost of $428 each. 25 Sold 440 diamonds for $728 each. Assume that Blossom uses the LIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would the company report under this cost flow assumption? Cost of goods sold Gross profit %24

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solution LIFO pate particulans Receipts Balance Rate An ply Ra... View the full answer