When you undertook the preparation of the financial statements for Telfer Company at January 31, 2018, the following data were available: At Cost At Retail Inventory, February 1, 2017 $70,800 $98,500 Markdowns 35,000 Markups 63,000 Markdown cancellations 20,000 Markup cancellations 10,000 Purchases 219,500 294,000 Sales revenue 335,000 Purchases returns and allowances 4,300 5,500 Sales returns and allowances 10,000 Compute the ending inventory at cost as of January 31, 2018, using the retail method which approximates lower of cost or market. Ending inventory at cost $

1. which one of the following would be an example of a supply-side market failure? a. a gas station is slowly leaking diesel fuel from its underground tanks, and after the leak is discovered, the business immediately cleans up the pollution at its own expense. b. a gas station is slowly leaking diesel fuel from its underground tanks, but the state uses taxpayer money to clean up the pollution rather than requiring the business to pay. c. your business wants to attract repeat customers by putting on a customer-appreciation picnic at a public park, but you decide not to because you couldn't prevent noncustomers from consuming the food and entertainment you provided. d. everyone rushes to the local retail outlet at midnight on the day of the release of a new video game console, and the store runs out before everyone is able to buy one.