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 Required: Cost Price $ 309,000 223,000 $ 532,000 Estimated cost of goods sold Estimated ending inventory Retail Selling Price $ 507,000 402,000 $ 909,000 $360,000 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.

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: . Estimate the cost of goods sold and the cost of the July 31 ending inventory using the retall method of evaluation. Vote: Round your intermediate calculations to 2 decimal places