Exercise 8.10 (Algo) Estimating Inventory by the Retail Method (LO8-6) 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. 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.) A recent annual report of the Kraft Heinz Company reveals the following information (dollar amounts are stated in millions) a. Compute Kraft Heinz's inventory turnover for the year. (Do not round intermediate calculations. Round your answer to 2 decimal places.) b. Compute the number of days required to sell its average inventory. (Use 365 days in a year. Do not round intermediate calculations. Round your answer to the nearest whole number.) c. What is the length of Kraft Heinz's operating cycle? (Do not round intermediate calculations. Round ,our answer to the nearest whole number.)