5.

Assume that Ivanhoe Company uses a periodic inventory system and has these account balances: Purchases $610,000; Purchase Returns and Allowances $25,800; Purchases Discounts $10,200; and Freight-In $19,900; beginning inventory of $47,400; ending inventory of $64,000, and net sales of $730,000.

Determine the amounts to be reported for cost of goods sold and gross profit.

Cost of goods sold		$enter Cost of goods sold in dollars
Gross profit		$enter gross profit in dollars