Assume that Mitchell Company uses a periodic inventory system and has these account balances:

Assume that Mitchell Company uses a periodic inventory system and has these account balances: Purchases $650,000; Purchase Returns and Allowances $25,000; Purchases Discounts $11,000; and Freight-in $19,000; beginning inventory of $45,000; ending inventory of $55,000; and net sales of $750,000. Determine the amounts to be reported for costs of goods of sold and gross profit. All calculations must be clearly shown.