Current Attempt in Progress Assume that Pharoah Company uses a periodic inventory system and has these account balances: Purchases $397.500; Purchase Returns and Allowances $10.000; Purchase Discounts $6,600; and Freight-in $16,200. Pharoah Company has beginning inventory of $62.600. ending inventory of $89,700, and net sales of $654,400. Determine the amounts to be reported for cost of goods sold and gross profit. Cost of goods sold $ Gross profit $