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McPhillips Ltd presented the following items of inventory at the end of the year Item Cost Selling price CHB 6000 7000 DLA 10000 12000 ENQ

McPhillips Ltd presented the following items of inventory at the end of the year

Item Cost Selling price

CHB 6000 7000

DLA 10000 12000

ENQ 13000 15000

Item DLA will be sold at a discount of 30% after the year-end

Item ENQW requires packaging before it can be sold, and this is estimated to be $4000

Required: The total value of closing inventory= ______________

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