The financial statements for Telfer Company at January 31, 2017, the following data were available:

At Cost At Retail

Inventory, February 1, 2017 $70,800 $ 98,500

Markdowns 35,000

Markups 63,000

Markdown cancellations 20,000

Markup cancellations 10,000

Purchases (net) 215,200 288,500

Sales revenue 335,000

Sales returns and allowances 10,000

Required

Compute the ending inventory at cost as of January 31, 2017, using the conventional inventory retail method which approximates lower of cost or market. Your solution should be in good form with amounts clearly labeled.