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Assume that Pharoah Company uses a periodic inventory system and has these account balances: Purchases...

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Accounting

Assume that Pharoah Company uses a periodic inventory system and has these account balances: Purchases $413,800, Purchase Returns and Allowances $12,900, Purchase Discounts $10,500, and Freight-In $18,900. Assume also that Pharoah Company has beginning inventory of $69,800, ending inventory of $94,100, and net sales of $642,400.
Determine the amounts to be reported for cost of goods sold and gross profit.
Cost of goods sold
Gross profit
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