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Compute the estimated cost of may inventory

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Question - Cable Company prepare monthly income statements. A physical inventory is taken only at year-end; hence, month-end inventories must be estimated. All sales are made on account. The rate of markup on sales is 50%. The following information related to the month of May:

Accounts receivable, May 1 P20,000

Accounts receivable, May 31 30,000

Collections of accounts receivables during May 50,000

Inventory, May 1 36,000

Purchases of inventory during May 32,000

Required - Compute the estimated cost of May 31, inventory?

Reference no: EM132762416

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