Hendon Traders, with a year-end of 31 December 2010, were able to identify the cost of unsold inventory as £412,850 on 6 January 2011. The following information is provided:

(a) Sales within the six days to 6 January, at cost plus 25%, were £128,400. £42,000 of these goods had, however, been returned by 6 January.

(b) Purchases within the same six days were accounted for in the book of prime entry at £74,800. £800 of these goods did not arrive until 7 January. Further invoices for £12,400, received after 6 January, were for goods that had been delivered before that date.

(c) Goods invoiced to customers at £40,000 (at cost plus 25%), though in the hands of customers, were within the returnable period permitted to them of two weeks. The delivery, as well as the invoicing of these goods, had taken place prior to 31 December 2010.

(d) One of the sheets in which inventory was listed has stated the total as £94,800 instead of £84,800 and on another sheet the cost of 48 items has been stated at £15 each whereas they actually cost £15 per dozen.

(e) The inventory sheets include packing material acquired at a cost of £3,000 and spare parts for machine maintenance acquired at a cost of £4,000.

(f) Inventory includes 18 items at their cost of £900 each. These items, however, were shop-soiled and are expected to be sold for £400 each after their condition has been restored at a cost of £50 each.

Required:

Identify the cost of inventory to be reported on the Statement of financial position as at 31 December 2010.