When you undertook the preparation of the financial statements for Telfer Company at January$31,2011,$ the following data were available:At CostAt RetailInventory, February $1,2010$$$70,800$$ $98,500$Markdowns$35,000$Markups$63,000$Markdown cancellations$20,000$Markup cancellations$10,000$Purchases$219,500294,000$Sales$345,000-$ Purchases returns and allowances$4,3005,500$Sales returns and allowances$10,000$InstructionsCompute the ending inventory at cost as of January $31,2011,$ using the retail method whichlabeled.approximates lower of cost or markel. Your solution should be in good form with amounts clearly