When you undertook the preparation of the financial statements for Taylor Company at January 31, 2019, the following data were available:

At Cost At Retail

Inventory, February 1, 201870,80098,500

Markdowns35,000

Markups63,000

Markdown cancellations20,000

Markup cancellations10,000

Purchases219,500294,000

Sales345,00

Purchases returns and allowances 4,3005,500

Sales returns and allowances10,000

Instructions

Compute the ending inventory at cost as of January 31, 2019, using the retail method which approximates lower of cost or net realizable value. Your solution should be in good form with amounts clearly labeled