The partial trial balance of XYZ Co.at the end of the cument year appears below: \begin{tabular}{|l|r|r|} \hline XYZ, Drawing & 17,000 & \\ \hline Inventory, beginning & 20,000 & \\ \hline Sales & & 150,000 \\ \hline Sales Retums and Allowances & 600 & \\ \hline Sales Discount & 1,000 & \\ \hline Purchases & 90,000 & \\ \hline Purchases Retums and Allowances & & 400 \\ \hline Purchases Discount & & 1,600 \\ \hline Freight on Purchases & 300 & \\ \hline Rent Expense & 16,000 & \\ \hline Salaries Expense & 32,000 & \\ \hline Selling Expenses & 3,500 & \\ \hline General and Administrative Expenses & 13,500 & \\ \hline \end{tabular} A physical inventory taken at the end of the year amounted to $27,000. Determine: (1) Cost of goods sold (2) Gross profit on sales