Nick carries on a business of forest operations and purchased land and trees for $70,000 ($35,000 of the cost was attributable to the timber). During the current year Nick fells all the timber and incurs $15,000 in felling and transportation costs. Nick had no sales during the current year. Assuming that Nick wishes to value his stock on hand using the cost method, what is the value of closing stock on hand at 30 June 2020?