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 $ 296,000 $ 494,000 Purchases during July 218,000 402,000 Goods available for sale during July $ 514,000 $ 896,000 Net sales during July $ 340,000 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.)