When you undertook the preparation of the financial statements for Telfer Company at January 31, 2020, the following data were available: Inventory, February 1, 2019 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales Purchases returns and allowances Sales returns and allowances At Cost At Retail $70,800 $98,500 35,000 63,000 20,000 10,000 219,500 294,000 325,000 4,300 5,500 10,000 Required: Compute the ending inventory at cost as of January 31, 2020, using the retail method which approximates lower of cost or market. For full credit, your solution must be in good form with amounts clearly labeled.