Suppose that Cullumber uses a periodic inventory system and has the following financial information: Purchases $618,500; Purchase Returns and Allowances \$26,000; Purchases Discounts \$12,900; Freight-In \$19,900; beginning inventory of $47,900; ending inventory of $59,700, and net sales of $776,000. Determine the amounts to be reported for cost of goods sold and gross profit. Cost of goods sold $ Gross profit $