Business, 24.04.2020 00:56 valeriestamann

Talbot Company prepares 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 cost is 50 percent. The following information relates to the month of May:

Accounts receivable, May 1 $20,000
Accounts receivable, May 31 .../30,000
Collection of accounts receivable during May 50,000
Inventory, May 1 36,000
Purchases of inventory during May 32,000

The estimated cost of the May 31 inventory is:

A. $24,000
B. $28,000
C. $38,000
D. $44,000

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Talbot Company prepares monthly income statements. A physical inventory is taken only at year-end; h...

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