A company is determining its period end inventory valuation. The following information is available in relation to the three products the company stocks.

The inventory should be stated in the statement of financial position at:

Multiple Choice

• 175,000

• 179,000

• 173,000

• 181,000

  Balances on the accounts are as follows:

  Sales revenue		29,000
  Purchases		19,140
  Opening inventory		1,740
  Returns inward		2,320
  Returns outward		870
  Carriage outward		290
  Carriage inward		1,450
  Discount received		1,595

  The closing inventory count reveals inventory of 2,465.

  Required:

  Determine the gross profit.