EFEZ1990) * John Chan sells a wide range of goods. Items of stock had been in store for over two years. He reviewed the value of these items on 31 January 2021 as follows: Item 1 2 3 4 5 6 7 8 Cost $ 3,600 7,850 2,390 12,420 18,100 5,750 16,400 20,000 Revised Sales Price $ 2,900 6,000 3,400 10,300 19,600 6,750 15,000 18,000 Required State the rule for valuation of closing inventories at the financial year end date. (1 mark) Calculate the value of EACH of the above items AND the total amount of (9 marks) inventories at 31 January 2021. ( Details calculation must be shown) Total : (10 marks)