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$[[,$Cost,Retail Selling$],[$Inventory of merchandise, June $30,$Price,Price$],[$Purchases during July,$$300,000,$$$503,000$