Zimmerman Company uses a periodic inventory system. At the end of 2017, the accounting records include the following information:

Inventory, January 1, 2017	$207,000
Inventory, December 31, 2017	$166,500
Net Sales	$630,000
Purchases	$400,500

Compute the following for 2017:

Cost of Goods Sold	$_______________________________
Gross Profit	$_______________________________