A company is preparing its financial statements for the year. The following information is available:

Beginning Inventory: $$50,000$

Ending Inventory: $$70,000$

Purchases during the year: $$300,000$

Sales Revenue: $$500,000$

Sales Returns and Allowances: $$20,000$

Operating Expenses: $$120,000$

The company uses the periodic inventory system. Calculate the Cost of Goods Sold $($COGS$),$ Gross Profit, and Net Income.