Current Attempt in Progress Assume that Pharoah Company uses a periodic inventory system and has these account balances: Purchases $630,000; Purchase Returns and Allowances $25,500: Purchases Discounts $10,100; and Freight-In $18.900; beginning inventory of $47.700; ending inventory of $57,300, and net sales of $740,000. Determine the amounts to be reported for cost of goods sold and gross profit. Cost of goods sold $ Gross profit $