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