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	$	300,000			$	500,000
Purchases during July		218,000				409,000
Goods available for sale during July	$	518,000			$	909,000
Net sales during July					$	370,000

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.)