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Question - You have the following information for Pharoah Company. Pharoah uses the periodic method of accounting for its inventory transactions. Pharoah 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 160 diamonds at a cost of $310 per diamond.
March 3 Purchased 210 diamonds at a cost of $350 each.
March 5 Sold 180 diamonds for $600 each.
March 10 Purchased 320 diamonds at a cost of $375 each.
March 25 Sold 400 diamonds for $650 each.
Assume that Pharoah 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 Pharoah uses the LIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would the company report under this cost flow assumption?
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