Assume that Swifty Corporation uses a periodic inventory system and has these account balances: Purchases $404,000, Purchase Returns and Allowances $11,800, Purchase Discounts $10,300, and Freight-In $18,600. Assume also that Swifty Corporation has beginning inventory of $62,800, ending inventory of $87,200, and net sales of $640,000. Determine the amounts to be reported for cost of goods sold and gross profit.

Cost of goods sold		$enter cost of goods sold in dollars
Gross profit		$