When you undertook the preparation of the financial statements for Roger Company at January 31, 2011, the following data were available:
Inventory, February 1, 2010: Cost: $70,800; Retail: $98,500
Markdowns: Retail: $35,000
Markups: Retail: $63,000
Markdown cancellations: Retail: $20,000
Markup cancellations: Retail: $10,000
Purchases: Cost: $219,500; Retail: $294,000
Sales: Retail: $345,000
Purchase returns and allowances: Cost: $4,300; Retail: $5,500
Sales returns and allowances: Retail: $10,000
Required: Compute the ending inventory at cost as of January 31, 2011, using the conventional retail method.