Assume that Sandhill Company uses a periodic inventory system and has these account balances: Purchases $610,000; Purchase Returns and Allowances $25,600; Purchases Discounts $10,500; and Freight-In $19,900; beginning inventory of $48,400; ending inventory of $57,600, and net sales of $750,000. Determine the amounts to be reported for cost of goods sold and gross profit. Cost of goods sold $ Gross profit $