An item of stock is purchased for £1,500. The sales price was £2,000, but as the item has now been superseded it can only be sold for a discounted price of £1,350. The scrap value of the item is £1,100. To sell or scrap the stock will involve transport costs of £100. The value of the stock for Balance Sheet purposes is:

a. £1,500

b. £1,350

c. £1,250

d. £1,000