Estimate cost of goods sold and the cost of the july

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Reference no: EM13137998

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 $

Reference no: EM13137998

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