Assume that Ivanhoe Company uses a periodic inventory system and has these account balances: Purchases $431,900; Purchase Returns and Allowances $11,900; Purchase Discounts $8,500; and Freight-in $15,000. Ivanhoe Company has beginning inventory of $61,600, ending inventory of $90,200, and net sales of $652,900 Determine the amounts to be reported for cost of goods sold and gross profit. Cost of goods soldsoo Gross profit 255000 - 397900