the Cullumber Company uses a periodic inventory system and has these account balances: Purchases $384,800; Purchase of Returns and Bonuses $10,600; Purchase discounts $6,600; and Freight-in $15,500. Cullumber Company has beginning inventory of $62,600, ending inventory of $85,800, and net sales of $648,300.

Determine the amounts to be reported for cost of goods sold and gross profit.