When you undertook the preparation of the financial statements for Telfer Company at January 31, 2022, the following data were available:

		At Cost		At Retail
Inventory, January 1, 2021		70,800		98,500
Markdowns				35,000
Markups				63,000
Markdown cancellations				20,000
Markup cancellations				10,000
Purchases		219,500		294,000
Sales				345,000
Purchases returns and allowances		4,300		5,500
Sales returns and allowances				10,000

Compute the ending inventory at cost as of January 31, 2022, using the retail method which approximates lower of cost or net realizable value.

Ending Inventory at Cost