Assume that Crane Company uses a periodic inventory system and has these account balances: Purchases $406,300; Purchase Returns and Allowances $12,900; Purchase Discounts $7,400; and Freight-in $16,600. Crane Company has beginning inventory of $56,900, ending inventory of $87,100, and net sales of $643.400. Determine the amounts to be reported for cost of goods sold and gross profit. Cost of goods sold $ 379,100 Gross profit $ 402,600