Assume that Ivanhoe Company uses a periodic inventory system and has these account balances: Purchases $430,200; Purchase Returns and Allowances $12,800; Purchase Discounts $6,100; and Freight-in $17.600. Ivanhoe Company has beginning inventory of $58,000, ending inventory of $87,100, and net sales of $645,300. Determine the amounts to be reported for cost of goods sold and gross profit.. Cost of goods sold $ Gross profit