Calculate cost of sales and gross profit. LO$2$Assume that Jess Ltd uses a periodic inventory system and has the following account balances: Beginning inventory $$45000,$ Ending inventory $$67500,$ Sales $$472500,$ Purchases $$300000,$ Purchase returns $$14250,$ and Freight$-$in $$12000.$ Determine the amounts to be reported for cost of net purchases, cost of sales and gross profit.