II. Conventional Retail Method (11 points) When you undertook the preparation of the financial statements for Telfer Company at December 31, 2014, the following data were available: Inventory, 12/31/2013 (Cost) Markups Markup cancellations Purchases (Retail) Sales Purchases returns (Retail) $70,800 Inventory, 12/31/2013 (Retail) S98,500 63,900 Markdowns 10:000 Markdown cancellations 35,0 20,000- 219,500 294,000 Purchases (Cost) 325,600 Sales returns and allowances 10,000 5,500 Purchases returns (Cost) 4,300 Instructions Calculate the value of Rudolph's ending inventory for the current year using the Conventional Retai Inventory method. SHOW ALL OF YOUR WORK FOR PARTIAL CREDIT