Massy Distribution Center (MDC) had 500 boxes of IGA Cornflakes at 30 September 2022 in inventory. The product had been purchased at list price of $18 per box and normally sells for $24 per box.

Additional information relating to the units in inventory: VAT 10%; warehousing cost $0.55 per unit; purchase discount $0.40 per unit; carriage inwards $0.60 per unit.

Recently, due to poor handling and storage, several boxes appeared less than presentable however the contents were not compromised, and MDC can still sell this item at $24 per unit, provided that some rectification/re-packaging work is undertaken at a cost of $3 per unit.

Answer the following:

• At what amount would this IGA Cornflakes be required to be stated on 30 September 2022? Provide detailed analysis to support your answer.