Company ABC is a furniture manufacturer producing tables and chairs. In the month of July, the business incurred the following costs:

Raw materials: R137 000

Direct labour costs: R85 000

Associated consumables: R24 000

Lighting and heating: R13 500

Variable factory overheads: R6 700

General administration costs R6 500

Selling and distribution costs: R3 500

Depreciation of production equipment: R5 750

Additional information:

Company has fixed overhead rate of 12 c per unit

Company ABC produced 350 000 tables and 400 000 chairs in the month of July.

65% of lighting and heating costs relate to production.

25% of general administration costs relate to production.

Required: If the cost of packaging and delivering ABCs inventory is R50 000 and the selling price of the inventory is R440 000, at what value should Company ABC record its inventory at, for the period?