You have the following information for Gold Nugget Gems. GoldNugget uses the per

Question

You have the following information for Gold Nugget Gems. GoldNugget uses the periodic method of accounting for its inventorytransactions. Gold Nugget only carries one brand and size ofdiamonds-all are identical. Each batch of diamonds purchased iscarefully coded and marked with its purchase cost.

Gold Nugget should sell the lowest costhighest cost diamonds.

Gold Nugget should sell the highest costlowest cost diamonds.

March 1 Beginning inventory 150 diamonds at a cost of $300per diamond. March 3 Purchased 200 diamonds at a cost of $350each. March 5 Sold 180 diamonds for $600 each. March 10 Purchased 350 diamonds at a cost of $375each. March 25 Sold 400 diamonds for $650 each.

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