Dave Supermarket store their inventory at five sites and the inventory count conducted on each of these sites at close of business on the last day of the accounting period identified the cost of unsold inventory as £348,500. However, the following information has become available:

(a) Listed on the inventory sheets were packing materials costing £1,200.

(b) Goods costing £12,500, included within the count, have been invoiced to customers and accounted for as sales, although the delivery has been delayed and the goods are still in the warehouse.

(c) Goods costing £14,800, accounted for as purchases, remain in a bonded warehouse of HM Revenue and Customs.

Required: 

Identify the amount at which the supermarket should account for its closing inventory.