Exmouth Marine Engineers Ltd owns a cruiser yacht that is in need of repair. The cruiser yacht was taken in lieu of payment for an unpaid bill for 3,400. The company is working to full capacity but is considering refurbishing the yacht for resale. Workers who are paid 10 per hour will carry out the refurbishment and it is estimated that 100 hours of work is required. The normal labour charge for customers is 20 per hour. The company believes that the cruiser yacht could be sold for 3,100 in its current condition. Materials costing 500 would be required to carry out the refurbishment. These materials are currently in inventories as they are frequently used by the business. What is the minimum resale price that the business would have to charge to justify the refurbishment? Show workings