The financial year of Ladybird Ltd ends on 31 December. In order to avoid interference with trading, the inventory count for the year ended 31 December 2010 was carried out on 8 January 2011 when the inventory on the company’s premises, at cost, amounted to £117,567. The following further information is available:

(i) Selling prices in 2010 yielded a gross profit of 25% on sales. On and after 1 January 2011, they were determined by adding 20% to the cost of goods sold.

(ii) Sales in the month of December 2010 not dispatched until early in 2011 amounted to £2,800. These goods were all dispatched during the period 1–8 January with the exception of goods sold for £80, which were not dispatched until 10 January 2011.

(iii) Sales for the period 1–8 January 2011 amounted to £19,590 of which goods sold for £2,700 were not dispatched until after 9 January.

(iv) Purchases for the period 1–8 January 2011 amounted to £14,685, and all the goods were received within the same period.

(v) Goods purchased on 31 December 2010 for £150 and entered in the books on that date were not received until 10 January 2011.

Required: 

Ascertain the amount at which the inventory should be included in the financial statements for the year ended 31 December 2010.