Question 5: Marks-(10) 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 Selling Retail Selling Price Inventory of merchandise, June 30 R$ 300,000 Rs 500.000 Purchases during July 222.000 400.000 Goods available for sale during July 522.000 900.000 Net sales during July 600,000 a. Estimate the cost of goods sold and the cost of the July 31 ending inventory using the retail method of evaluation. b. Was the cost of Phillips's inventory, as a percentage of retail selling prices, higher or lower in July than it was in June? Explain