Question - When you undertook the preparation of the financial statements for XYZ Company at January 31, 2016, the following data were available:

                                                                                     At Cost              At Retail  

Inventory, February 1, 2015                                            $70,800              $ 98,500

Markdowns                                                                                              35,000

Markups                                                                                                  63,000

Markdown cancellations                                                                            20,000

Markup cancellations                                                                                10,000

Purchases                                                                      219,500              294,000

Sales revenue                                                                                         335,000

Purchases returns and allowances                                    4,300                 5,500

Sales returns and allowances                                                                    10,000

Compute the ending inventory at cost as of January 31, 2016, using the retail method which approximates lower of cost or market. Your solution should be in good form with amounts clearly labeled.