Per IAS 2, inventory is valued in the books of Image Plc at cost. However, the management are unsure whether one product, the gizmo, has been overvalued in the accounts. The closing inventory of the gizmo at 31 December 2017 includes 100 units purchased in November at 45 each and 50 units purchased in October at 55 each. Image Plc, due to a fall in demand for the gizmo, has decided to reduce its selling price of this product for 50 for the next year. Selling and delivery costs are 3 per unit. In accordance with IAS 2, what is the correct value of closing inventory in the accounts at the year ended 31 December 2017?