2. Utley Co. prepares monthly income statements. Inventory is counted only at year end; thus, month-end inventories must be estimated. The rate of mark-up on cost is 20%. The following information relates to the month of May. Sales during May Inventory, May 1 Purchases during May Instruction: Calculate the estimated cost of the inventory on May 31. $90,000 45,000 58,000

2. Utley Co. prepares monthly income statements. Inventory is counted only at year end; thus, month-end inventories must be estimated. The rate of mark-up on cost is 20%. The following information relates to the month of May. Instruction: Calculate the estimated cost of the inventory on May 31