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Calculate the estimated cost of the inventory on May

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Question - Emily Ltd. prepares monthly financial statements. Inventory is counted only at year end; thus, month- end inventories must be estimated. All sales are made on account. The rate of markup on cost is 25%. The following information relates to the month of May:

Accounts receivable, May 1 $42,000

Accounts receivable, May 31 48,500

Collections of accounts during May 87,000

Inventory, May 1 53,000

Purchases during May 85,000

Required - Calculate the estimated cost of the inventory on May 31.

Reference no: EM133181006

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