Honey Co. Inventory is counted only at year end, as a result, month-end inventories must be estimated. All The rate of markup on cost is 25%. The following information relates to the month of May: $ Accounts Receivable - May 1 Accounts Receivable - May 31 Collections of accounts during May Inventory, May 1 Purchases during May 31,000 37,000 94,000 47,000 75,000 Required Calculate the estimated cost of the inventory on May 31 using the gross profit margin method