ILLUSTRATION 8. Mr. Stockist closed his books of accounts on 30th June, 2015, but for certain difficulties it was not possible for him to take stock on that date. Physical stock was taken on 7th July, 2015 and it was valued at $45,000. An examination of the records of inventories from 1st to 7th July revealed the following: (a) Sales during the period totalled $ 10,200. These goods were sold at the usual rate of gross profit of 25% on the cost except that goods which realised $ 1,200 had to be sold at a profit of only 20% on cost. (b) of the goods sold, certain goods valued $ 2,500 sold on 6th July, were delivered to the customer only on 9th July. (c) Purchases during the period totalled $ 8,000, of which goods costing $ 7,000 were delivered on or before 7th July. (d) During the period customers returned goods valued 3 800 which included goods of $600 sold during the year ending 30th June, 2015. All the returned goods were sold at a uniform profit of 25% on cost. (e) on 25th July, the stockist received certain goods invoiced at $5,000 from Mr. Consigner to be sold on his behalf and at his risk. These goods were yet to be sold. (f) Goods invoiced at $4,500 and dispatched on 'sale on return' basis on 4th July were not included in the aforesaid sales. You are required to prepare a statement showing clearly the value of the stock which Mr. Stockist should take into account for preparing his Trading and Profit & Loss Account for the year ending 30th June, 2015