Assume that Blossom Company uses a periodic inventory system and has these account balances: Purchases $350,000; Purchase Returns and Allowances $10,000; Purchase Discounts $6,000; and Freight-in $15,000. Blossom Company has beginning inventory of $55,000, ending inventory of $85,000, and net sales of $640,000. Determine the amounts to be reported for cost of goods sold and gross profit. Cost of goods sold 319000 Gross profit $