On 31 May 2022, Mars's closing inventory count was valued at a cost of $750,000.This included some items of inventory which had a cost of $180,000 but had beendamaged in a fire on 10 April 2022. Consequently, these items are not expected toachieve their normal selling price which is calculated to achieve a gross profit marginof 25%. These damaged items require repairs at a cost of $105,000 to be sold.

Calculate the revised closing inventory value of Mars to be reported in thestatement of financial position at the year ended 31 May 2022.