Question 5 Retail inventory method (10 points) When you undertook the preparation of the financial statements for Amber Company on January 31, 2021, the following data were available: Inventory on February 1, 2020: at cost $60,000; at retail $90,000 Purchases : at cost $260,000; at retail $295,000 Purchase discount: $5,000 Markups: $40,000 Markup cancellations: $10,000 Markdowns: $25,000 Markdown cancellations: $20,000 Sales at retail: $360,000 Sales returns and allowances: $15,000 Inventory losses due to normal breakage: $10,000 Instructions Compute the ending inventory at cost as of January 31, 2021, using the retail method which approximates lower of cost or market. Your solution should be in good form with amounts clearly Retail labeled. (6 points) Cost