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Philips Supply uses a periodic Inventory system but needs to determine the approximate amount of...

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Philips 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 Philips has provided the following inventory data. Inventory of serchandise, June 30 Purchases during July Goods available for sale during July Net sales during July Cast Price 5309,000 223,600 3532,00 Retail Selling Price $ 498,00e 398,00 5896,000 $ 310,000 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 Ested ending inventory 180,200 106.200 5

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