On $1$ January $2015,$ an entity accepted an order for $7,000$ custom$-$made corporate gifts. On $3$ January $2015,$ the entity purchased raw materials to be consumed in the production process for RM$550,000,$ including RM$50,000$ refundable tax. The purchase price was funded by raising a loan of RM$555,000($including RM$5,000$ loan$-$raising fees$).$ The loan is secured by the inventories. During January $2015,$ the entity designed the corporate gifts for the customer. Design costs included cost of external designer RM$7,000$ and labour RM$3,000.$During February $2015,$ the entitys production team developed the manufacturing technique and made further modifications necessary to bring the inventories to the conditions specified in the agreement. The following costs were incurred in the testing phase: Material $=$ RM$21,000$ Proceeds from sales of scrapped output $=$ RM$3,000$ Labour $=$ RM$11,000$ Depreciation of plant used to perform the modifications $=$ RM$5,000$ During February $2015,$ the entity incurred additional costs of consumable stores RM$55,000,$ labour RM$65,000$ and depreciation of plant used to perform the modifications RM$15,000,$ in manufacturing the customised corporate gifts. The customised corporate gifts were ready for sale on $1$ March $2015.$ No abnormal wastage occurred in the development and manufacture of the corporate gifts. For the months of January, February and March the company paid RM$6,850$ for interest on the loan to buy the raw materials. Required:Determine the cost of the inventory.