You have the following information for Kingbird, Inc

You have the following information for Kingbird, Inc. Kingbird, Inc uses the periodic method of accounting for its inventory transactions. Kingbird, Inc. only carries are 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 144 diamonds at a cost of $326 per diamond. March 3 Purchased 211 diamonds at a cost of $329 each March 5 Sold 190 diamonds for $59 each March 10 Purchased 320 diamonds at a cost of $390 cach March 25 Sold 385 diamonds for 5700 each
Your answer is correct Assume that Kingbird, Inc uses the specific identification cost flow method. Demonstrate how Kingbird, Inc. could maximize its gross profit for the month by specifically selecting which diamonds to sell on March Sand March 25. To maximize gross profit. Kingbird, Inc. should sell the diamonds with the lowest cost. 123 Demonstrate how Kingbird, Inc, could minimize its gross profit for the month by selecting which diamonds to sell on March S and March 25 To minimize gross pront, Kingbird, Inc should sell the diamonds with the hichest cost Cost of goods sold to maximize gross profit S 2016 Cost of goods sold to minimize gross profit 5 2006
(c) Assume that Kingbird, 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? Cost of goods sold $ Gross pront $
(6) Your answer is correct. Assume that Kingbird, Inc. uses the FIFO cost flow assumption. Calculate cost of goods sold, How much gross profit would Kingbird, Inc. report under the cost flow assumption? $ 202103 Cost of goods sold 5 18057 Gross profit