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TOUPI has calculated its closing inventory for year ended 31 July 2018 at 56,900. Included...

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Accounting

TOUPI has calculated its closing inventory for year ended 31 July 2018 at 56,900. Included in this figure is a batch of 30 items of raw material carried at the cost price 1,000 each. These items have declined in value, and could be sold for a maximum of 28,500 at 31 July 2018. However, TOUPI plans to incorporate these items into finished goods and it expects these to generate a profit of 6,800. What is the correct figure for closing inventory at 31 July 2018 according to IAS 2 - Inventory?

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