Study the information provided below and use FIFO method to calculate the expected value of closing inventory as at 31 December 2023.

INFORMATION

The following information was supplied by Ngcobo Suppliers for the 2023 year in respect of its finished goods:

Inventory on 01 January 640 000

Cost of production of finished goods manufactured 570 000

Cost of goods sold 435 000

Sales value of goods sold 675 000