Current Attempt in Progress Assume that Blossom Company uses a periodic inventory system and has these account balances: Purchases $427,400; Purchase Returns and Allowances $10,300; Purchase Discounts $8,000; and Freight-in $18,000. Blossom Company has beginning inventory of $61,300, ending inventory of $91,600, and net sales of $642,400. Determine the amounts to be reported for cost of goods sold and gross profit. Cost of goods sold $ Gross profit $

Assume that Blossom Company uses a periodic inventory system and has these account balances: Purchases $427,400; Purchase Returns and Allowances $10,300; Purchase Discounts $8,000; and Freight-in $18,000. Blossom Company has beginning inventory of $61,300, ending imventory of $91,600, and net sates of $642,400. Determine the amounts to be reported for cost of goods sold and gross profit. Cost of goods sold Gross profit