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(a) Y Your answer is correct. Assume that Bramble Gems uses the specific identification...

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Question

Accounting

(a)
Y Your answer is correct.
Assume that Bramble Gems uses the specific identification cost flow method.
(1) How could Bramble maximize its gross profit for the month by specifically selecting which diamonds to sell on March 5 and March 25?
To maximize gross profit, Bramble should sell the diamonds with the
cost.
(2) How could Bramble minimize its gross profit for the month by selecting which diamonds to sell on March 5 and March 25?
To minimize gross profit, Bramble should sell the diamonds with the
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List of Accounts
(b)
Your answer is correct.
Assume that Bramble uses the FIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would Bramble report under this cost flow assumption?
Cost of goods sold $
Gross profit
$ Assume that Bramble 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 profit ,$
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