Assume that Alshare Company uses a periodic inventory system and has these account balances: Purchases $450,000; Purchase Returns and Allowances $11,000; Purchase Discounts $8,000; Freight-in $16,000; Beginning Inventory $60,000; Ending Inventory $90,000, and Net Sales of $630,000. Determine:
(a) Amount to be reported for cost of goods sold.
(b) Amount to be reported for gross profit.