Suppose that Blossom uses a periodic inventory system and has the following financial information: Purchases $610,000; Purchase Returns and Allowances $20,000; Purchases Discounts $9,000; Freight-In $15,000; beginning inventory of $40,000; ending invento of $50,000, and net sales of $700,000. Determine the amounts to be reported for cost of goods sold and gross profit. Cast of goods sold $ Grossprofit. $