On January 31, 2020, the following data were available: At Cost $70,800 Inventory, February 1, 2020 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales Purchases returns and allowances Sales returns and allowances At Retail $ 98,500 35,000 63,000 20,000 10,000 294,000 345,000 5,500 10,000 219,500 4,300 Instructions Compute the ending inventory at cost as of January 31, 2020, using the retail method which approximates lower of cost or net realizable value