Because of illness, Achmed's annual stocktaking, which should have taken place on 31 March 2001, was not completed until 7 April 2001, and was undertaken by an inexperienced member of the staff. Achmed felt that the stock figure of $92050 was too low and ordered an investigation. It was discovered that the following had occurred during the week ended 7 April 2001 and had not been accounted for in the closing stock calculation: 

1. Goods with a selling price of $1040 had been sent to a customer on approval. 

2. Goods costing $9400 were received and invoiced. 

3. Sales of $18760 had been made and invoiced to customers.

These sales included 

(i) An overcharge of $160; 

(ii) Sales of $6000 on special offer at a margin of 10%; 

(iii) Damaged goods which had cost $2500 and were sold for $2800. 

Achmed's standard rate of gross profit is 25% of sales. Calculate the correct value of closing stock at 31 March 2001.