Nadia was ill when her stock should have been counted on 31 December 2003. The stock count did not take place until 8 January 2004 when it was carried out by an inexperienced member of staff. The stock was valued at $62 040 at 8 January 2004. 

Nadia was sure that the stock had been overvalued and discovered the following errors. 

1. The stock had been valued at selling price instead of at cost. The gross profit margin on all goods sold is 20%. 

2. Goods had been sent on sale or return to a customer who had not yet accepted the goods. The customer had been sent an invoice for $2000. This had been treated as a sale. 

3. Goods sold to a customer on 3 January 2004 had been overcharged by $240. 

4. The following transactions had taken place between 1 January and 8 January 2004 but had not been taken into account in the stock taking: 

(i) Goods costing $4400 had been received from suppliers

(ii) Sales of goods for $12 000 (not including goods sent on sale or return). 

Required 

Calculate the value of stock at cost at 31 December 2003.