You have the following information for Daylight Diamonds

You have the following information for Daylight Diamonds. Daylight Diamonds uses the periodic inventory method for its inventory transactions. Daylight 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. Jan 1: Beginning Inventory 500 diamonds at a cost of $570 per diamond Jan 2: Purchased 450 dianionds at a cost of $700 each. Jan 10: sold 360 diamonds for $1250 each. Jan 14: purchased 750 diamonds at a cost of $710 each. Jan 27: sold 850 diamonds for $1350 each. Instructions Calculate (1) Ending Inventory (2) Cost of Goods Sold (3) Gross Profit under each of the following method: a) Periodic Average Cost Method b) Perpetual Average Cost Method