Exercise 8.10 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. Retail Selling Price Cost Price Inventory of merchandise, June $ 304,000 502,000 30 Purchases during July 391,000 219,000 Goods available for sale $ 523,000 893,000 during July Net sales during July 260,000 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