Problem 149 When you undertook the preparation of the financial statements for Telfer Company at January 31, 2018, the following data were available: Inventory, February I, 2017 Markdowns Markups Markdown cancellations Markup cancellations urchases Sales revenue Zrchases returns and allowances Sales returns and allowances At Cost $70,800 219,500 4,300 At Retail $98,500 35,000 63,000 20,000 10,000 294,000 335,000 5,500 10,000 Compute the ending inventory at cost as of January 31, 2018, using the retail method which approximates lower of cost or market. Ending inventory at cost Problem 149 When you undertook the preparation of the financial statements for Telfer Company at January 31, 2018, the following data were available: Inventory, February I, 2017 Markdowns Markups Markdown cancellations Markup cancellations urchases Sales revenue Zrchases returns and allowances Sales returns and allowances At Cost $70,800 219,500 4,300 At Retail $98,500 35,000 63,000 20,000 10,000 294,000 335,000 5,500 10,000 Compute the ending inventory at cost as of January 31, 2018, using the retail method which approximates lower of cost or market. Ending inventory at cost