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When you undertook the preparation of the financial statements for Telfer Company at January 31,...

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Accounting

When you undertook the preparation of the financial statements for Telfer Company at January 31, 2018, the following data were available: At Cost At Retail Inventory, February 1, 2017 $70,800 $ 98,500 Markdowns 15,000 Markups 53,000 Purchases 215,200 288,500 Sales revenue 335,000 Sales returns and allowances 10,000 InstructionsCompute the ending inventory at cost as of January 31, 2018, using the retail method which approximates lower of cost or market. Your solution should be in good form with amounts clearly labeled

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