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How much gross profit would the company report

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Question - You have the following information for Tamarisk, Inc.. Tamarisk, Inc. uses the periodic method of accounting for its inventory transactions. Tamarisk, Inc. 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 137 diamonds at a cost of $328 per diamond.

March 3 Purchased 202 diamonds at a cost of $382 each.

March 5 Sold 190 diamonds for $611 each.

March 10 Purchased 354 diamonds at a cost of $385 each.

March 25 Sold 408 diamonds for $679 each.

Assume that Tamarisk, Inc. uses the FIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would the company report under this cost flow assumption?

Assume that Tamarisk, Inc. uses the LIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would the company report under this cost flow assumption?

Reference no: EM132562515

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