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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...

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 $ 300,000      $ 500,000     
  Purchases during July   222,000        400,000     
 
  Goods available for sale during July $ 522,000      $ 900,000     
  Net sales during July     $ 600,000     

a.
Estimate the cost of goods sold and the cost of the July 31 ending inventory using the retail method of evaluation. (Omit the "$" sign in your response.)

   
  Estimated cost of goods sold $  
  Estimated ending inventory $  

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