Assume that Kingbird, Inc. uses a periodic inventory system and has these account balances: Purchases $$425,700,$ Purchase Returns

and Allowances $$12,900,$ Purchase Discounts $$10,400,$ and Freight$-$In $$19,600.$ Assume also that Kingbird, Inc. has beginning

inventory of $$66,300,$ ending inventory of $$97,600,$ and net sales of $$661,400.$

Determine the amounts to be reported for cost of goods sold and gross profit.

Cost of goods sold $

Gross profit $