Exercise $8\mathrm{.}10($Algo$)$ Estimating Inventory by the Retail Method $($LO$8-6)$

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.

$\backslash$table$[[,\backslash$table$[[$Cost$],[$Price$]],$Retail Selling Price$],[$Inventory of merchandise, June $30,$$ $293,000,$$$493,000],[$Purchases during July,$223,000,395,000],[$Goods available for sale during July,$$516,000,$$$888,000],[$Net sales during July,,$$260,000]]$

a$.$ Estimate the cost of goods sold and the cost of the July $31$ ending inventory using the retall method of evaluation. $($Round your intermediate calculations to $2$ decimal places.$)$

$\backslash$table$[[,],[$Estimated cost of goods sold,$],[$Estimated ending inventory,$]]$