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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

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 $ 310,000 $ 500,000
Purchases during July 218,000 390,000
Goods available for sale during July $ 528,000 $ 890,000
Net sales during July 200,000

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.)

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