Assume that Ayayal Company uses a periodic inventory system and has these account balances: Purchases $475,600; Purchase Returns and Allowances $16.000; Purchase Discounts $7,800; and Freight-In $17,200. Ayayal Company has beginning inventory of $69.500, ending inventory of $97,600 and net sales of $762,000. Determine the amounts to be reported for cost of goods sold and gross profit. Cost of goods sold $ Gross proft