Exercise 8.10 (Algo) Estimating Inventory by the Retail Method (L08-6) 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. Cont Retail selling Price Price Inventory of merchandise, June 30 $ 300,000 $ 494,000 Purchases during July 223,000 401,000 Goods available for sale during July $ 523,000 $895,000 Net sales during July $360,000 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.) Estimated cost of goods sold Estimated ending inventory