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. Cost Price Retail Selling Price Inventory of merchandise, June 30 $ 303,000 $ 508,000 Purchases during July 218,000 391,000 Goods available for sale during July $ 521,000 $ 899,000 Net sales during July $ 270,000 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