Phillips Supply uses a periodic inventory system but needs to determine the approximate amount of...
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Accounting
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 | $ | 298,000 | $ | 500,000 | |||
| Purchases during July | 221,000 | 393,000 | |||||
| Goods available for sale during July | $ | 519,000 | $ | 893,000 | |||
| Net sales during July | $ | 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.)
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