A sheet of industrial paper has a basis weight of $80.0 \text{ g/m}^2$ (gsm). Find the weight in pounds ($\text{lb}$) of a standard ream consisting of $500$ sheets of size $17.0 \text{ in} \times 22.0 \text{ in}$. (Take $1 \text{ in} = 0.0254 \text{ m}$ and $1 \text{ lb} \approx 453.592 \text{ g}$)