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: Purchases during July Cost Price $ 295,000 220,000 Inventory of merchandise, June 30 Goods available for sale during July $ 515,000 Net sales during July Required: Retail Selling Price $ 493,000 396,000 $ 889,000 $ 390,000 a. Estimate the cost of goods sold and the cost of the July 31 ending inventory using the retail method of evaluation. Note: Round your intermediate calculations to 2 decimal places. Estimated cost of goods sold Estimated ending inventory