2. Utley Co. prepares monthly income statements. Inventory is counted only at year end; thus, month-end inventories must be

UtleyCO. prepares monthly income statements. Inventory is counted only at year end; thus, month-end inventories must be estimated. Therateofmark-up On cost is 20%. Thefollowinginformation relatesto the month of May. Sales during May Inventory, May I gyrchases during May Instruction: Calculate the estimated cost oftheinventory on May 31. $90,000 45,000 58,000