A trader’s year ended on 31 December 2010. The cost of inventory in hand, ascertained on the basis of a count taken on 5 January 2011, was £348,400. During the five days to 5 January 2011 purchases and sales were £20,000 and £24,000 respectively. The sales were made at cost plus 25%.

Required: 

Identify the cost of inventory as at 31 December 2010.