Assume that Sarasota Company uses a periodic inventory system and has these account balances: Purchases $468,000; Purchase Returns and Allowances $11,800; Purchase Discounts $9,100; and Freight-In $19,400. Sarasota Company has beginning inventory of $66,600, ending inventory of $95,100, and net sales of $754,700. Determine the amounts to be reported for cost of goods sold and gross profit. Cost of goods sold $Entry field with incorrect answer now contains modified data Gross profit $Entry field with incorrect answer now contains modified data