DEF plc manufactures mechanical parrots, which trade under the name ‘Parker’. In the year ended 31 December 2017, 10,000 ‘Parkers’ are manufactured and the related costs were:

€

Materials 3,000 Labour 4,000 Depreciation of machinery 2,000 Factory rates 1,000 Sundry factory expenses 2,000 Production storage costs 1,000 Selling expenses 2,000 Expenses at head office 4,000 19,000 Requirement At 31 December 2017, there were 1,000 Parkers in inventory. Assuming that these have a resale value of €4 each, what value should be placed on the closing inventory?