Question

When you undertook the preparation of the financial statements for Sunland Company at January 31, 2021,...

When you undertook the preparation of the financial statements for Sunland Company at January 31, 2021, the following data were available:

At Cost At Retail
Inventory, February 1, 2020 $89,550 $99,500
Markdowns 35,000
Markups 63,500
Markdown cancellations 20,500
Markup cancellations 9,300
Purchases 223,500 293,000
Sales revenue 330,000
Purchases returns and allowances 4,700 6,200
Sales returns and allowances 9,100


Compute the ending inventory at cost as of January 31, 2021, using the retail method which approximates lower of cost or market.

Ending inventory at cost
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