6.3 Naomi Ltd starts a business selling fake fur coats. The following purchases of fake fur are made during the first year:

Date Quantity Cost per metre Total cost metres EUR EUR 10 January 2005 2,000 30.00 60,000 6 September 2005 5,000 31.50 157,500 At 31 October 2005 there are 1,500 metres of fake fur remaining in ending inventory. Their NRV is EUR 46,800. In applying the lower of cost and net realisable value rule, what value should be attributed to the ending fur?