Phillips Supply uses a periodic inventory system but needs to determine the approximate amount of inventory at the end of each month without taking a physical inventory. Phillips has provided the following inventory data.

Exercise 8.10 (Algo) Estimating Inventory by the Retail Method (LO8-6) Phillips Supply uses a periodic inventory system but needs to determine the approximate amount of inventory at the end of each month without taking a physical inventory. Phillips has provided the following inventory data. Inventory of merchandise, June 30 Purchases during July Goods available for sale during July Net sales during July Cost Price $ 304,000 224,000 $ 528,000 Retail Selling Price $ 491,000 390,000 $ 881,000 $ 380,000 a. Estimate the cost of goods sold and the cost of the July 31 ending inventory using the retail method of evaluation. (Round your intermediate calculations to 2 decimal places.) Estimated cost of goods sold Estimated ending inventory