HELP

8. Retail inventory method When you undertook the preparation of the financial statements for Telfer Company at January 31, 2018, the ollowing data were available nventory, February 1, 2017 Markdowns (Net) Markups (Net) Purchases (Net) Sales revenue (Net) 70,800 $ 98,500 15,000 53.000 215,200 288 CO 325,000 Required Compute the ending inventory as of January 31, 2018 using the retail method which approximates lower of cost or market (conventional method) Your solution shouid be in good fom with amounts clearly labeied Conventioral Retail Method