Assume that Cullumber Company uses a periodic inventory system and has these account balances: Purchases $374,100; Purchase Returns and Allowances $10.200; Purchase Discounts $7.900; and Freight-in $15,400. Cullumber Company has beginning inventory of $55,600, ending inventory of $88,800, and net sales of $651,900. Determine the amounts to be reported for cost of goods sold and gross profit. Cost of goods sold $ 371400 Gross profit S 280500 Fill in the missing amounts. Metlock, Inc. Larkspur, Inc. Sales revenue $86,000 $ 4,600 Sales returns and allowances Net sales Cost of goods sold 80,000 102,000 53,600 Gross profit 26400 36,720 Operating expenses 14,400 Net income 17,340