Current Attempt in Progress Assume that Pharoah Company uses a periodic inventory system and has these account balances: Purchases $428,200, Purchase Returns and Allowances $10,300, Purchase Discounts $6,900, and Freight-In $18,000. Pharoah Company has beginning inventory of $55,300, ending inventory of $95,000, and net sales of $652,300. Determine the amounts to be reported for cost of gods sold and gross profit. Cost of goods sold Gross profit $ $

Eurrent Attempt in Progress Assume that Pharoah Company uses a periodic imventory system and has these account balances: Purchases $428,200, Purchase Returns and Allowances $10,300. Purchase Discounts $6,900, and Freight-In $18,000. Pharoah Company has beginning inventory of $55,300, ending inventory of $95,000. and net sales of $652,300. Determine the amounts to be reported for cost of gyods sold and gross profit. Cost of goods sold Gross profit