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Blossom Co. prepares monthly income statements. Inventory is counted only at year end; thus, month-end...

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Accounting

Blossom Co. prepares monthly income statements. Inventory is counted only at year end; thus, month-end inventories must be estimated. All sales are made on account. The rate of mark-up on cost is 25%. The following information relates to the month of May.

Accounts receivable, May 1

$21,500

Accounts receivable, May 31

16,500

Collections of accounts during May

94,000

Inventory, May 1

48,000

Purchases during May

65,000

Calculate the estimated cost of the inventory on May 31

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