A company with an accounting date of 31 October carried out a physical check of inventory on 4 November 20X3, leading to an inventory value at cost at this date of $483,700.

Between 1 November 20X3 and 4 November 20X3 the following transactions took place:

I. Goods costing $38,400 were received from suppliers.

II. Goods that had cost $14,800 were sold for $20,000.

III. A customer returned, in good condition, some goods which had been sold to him in October for $600 and which had cost $400.

IV. The company returned goods that had cost $1,800 in October to the supplier, and received a credit note for them.

What figure should appear in the company's financial statements at 31 October 20X3 for closing inventory, based on this information?