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 Price

Inventory of merchandise, June $30$ $ $299,000$ $ $502,000$

Purchases during July $224,000399,000$

Goods available for sale during July $ $523,000$ $ $901,000$

Net sales during July $ $290,000$

Required:

a$.$ Estimate the cost of goods sold and the cost of the July $31$ ending inventory using the retail method of evaluation.

Note: Round your intermediate calculations to $2$ decimal places.