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Exercise 8.10 Estimating Inventory by the Retail Method (L08-6) 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. Inventory of merchandise, June 30 Purchases during July Goods available for sale during July Net sales during July Cost Price $ 295,000 223,000 $518,000 Retail Selling Price $ 491,000 408,000 $ 899,000 220,000 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 $ 346,900 $ 171,100