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For the long problem, please solve the problem using the following numbers (attached). When you undertook the preparation of the financial statements for Telfer Company at January 31, 2020, the following data were available AL Cost At Retail Inventory, February 1, 2019 $10.000 $12.000 Markdowns 1,500 Markups 1,000 Purchases 36,000 43.000 Purchases returns and allowances 5,000 6,000 Sales revenue 35,000 Sales returns and allowances 4,500 Instructions Compute the ending inventory of cost as of January 31, 2020, using the retail method which approximates lower of cost of market de conventional method, LCM) Use the following template Sorry for the con [Problem 3] Instructions Compute the ending inventory at cost as of January 31, 2020, using the retail method which approximates lower of cost or market (i.e., conventional method; LCM). Use the following template. When you undertook the preparation of the financial statements for Telfer Company at January 31, 2020, the following data were available: At Cost At Retail Inventory, February 1, 2019 $10,000 $12,000 Markdowns 1,500 Markups 1,000 Purchases 35,000 43,000 Purchases returns and allowances 5,000 6,000 Sales revenue Sales returns and allowances 35,000 4,500 Instructions Compute the ending inventory at cost as of January 31, 2020, using the retail method which approximates lower of cost or market (i.e., conventional method; LCM). Use the following template