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	$	303,000			$	490,000
Purchases during July		220,000				401,000
Goods available for sale during July	$	523,000			$	891,000
Net sales during July						360,000

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: