Assume that Pharoah Company uses a periodic inventory system and has these account balances: Purchases $630,000; Purchase Returns and Allowances $25,500; Purchases Discounts $10,100% and Freight-In $18,900; beginning inventory of $47,700; ending inventory of $57,300, and net sales of $740,000. Determine the amounts to be reported for cost of goods sold and gross profit. Cost of goods sold $ Gross profit $