Q2. Assume that Guardian Company uses a periodic inventory system and has these account balances: Purchases $600,000; Purchase Returns and Allowances $25,000; Purchase Discounts $11,000; and Freight-in $19,000; beginning inventory of S45,000; ending inventory of $55,000; and net sales of $750,000. (2 marks) Required: 1. Determine the cost of goods sold. II. Determine the Gross profit