11. When you undertook the preparation of the financial statements for XYZ Company at January 31, 2016, the following data were available:

At Cost At Retail

Inventory, February 1, 2015$70,800$98,500

Markdowns35,000

Markups63,000

Markdown cancellations20,000

Markup cancellations10,000

Purchases219,500294,000

Sales revenue335,000

Purchases returns and allowances4,3005,500

Sales returns and allowances10,000

Compute the ending inventory at cost as of January 31, 2016, using the retail method which approximates lower of cost or market. Your solution should be in good form with amounts clearly labeled.

No. = ASSETS Non-current Assets Current Assets Property, Plant & Equipment Investments LIABILITIES Intangible Assets/Other Current Liabilities Non-Current Liabilities + EQUITY Contributed Capital Earned Capital Accumulated OCI