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 Cost Price $ 301,000 222,000 $523,000 Estimated cost of goods sold Estimated ending inventory Retail Selling Price $ 500,000 406,000 $906,000 $ 340,000 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.)