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 retail method of evaluation.

Note: Round your intermediate calculations to 2 decimal places.

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. Note: Round your intermediate calculations to 2 decimal places