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 Â Â $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
Required:
a. Estimate the cost of goods sold and the cost of the July 31 ending inventory using the retail method of evaluation.
b. Was the cost of Phillipsâs inventory, as a percentage of retail selling prices, higher or lower in July than it was in June? Explain.
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