The records for the Clothing Department of Sharapovas Discount Store are summarized below for the month of January.Inventory, January $1,$at retail:$$100,000$ at cost:$$35,000$ Purchases in January,at retail:$180,000$ at cost:$78,000$ Freight$-$in$,6,500$ Purchases returns,at retail:$7,900$ at cost:$3,500$ Net markups:$10,600$ Net markdowns:$32,500$ Inventory losses due to normal breakage, etc, at retail:at retail:$800$ Salesat retail:$100,000$ Sales returns:$2,300$ Instructions:Apply the LCM conventional method and compute the inventory for this department as of January $31$ at Cost