View Policies Current Attempt in Progress Ivanhoe 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 Accounts receivable, May 31 Collections of accounts during May Inventory, May 1 Purchases during May $24.000 16.500 82,000 44.900 57,000 Calculate the estimated cost of the inventory on May 31. Estimated cost of the inventory $ Save for Later Attempts:0 of 1 used Submit