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.

Cost Price Retail Selling PriceInventory of merchandise, June 30$294,000 $496,000 Purchases during July 217,000 397,000 Goods available for sale during July$511,000 $893,000 Net sales during July $230,000

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.)