You have the following information for Jewels Gems. Jewels Gems uses the periodic method of accounting for its inventory transactions. Jewels Gems 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 150 diamonds at a cost of $310 per diamond.
March 3 Purchased 200 diamonds at a cost of $350 each.
March 5 Sold 180 diamonds for $600 each.
March 10 Purchased 330 diamonds at a cost of $375 each.
March 25
Sold 390 diamonds for $650 each.