Q. Bill is a self-employed electrician who primarily undertakes electrical repair work for the public and at 30 June 2014 he had the following items on hand: Light fittings that cost $12,000 during the year he will separately charge for the light fittings when completing a job. Electrical cable that cost $3,000 he will use the cabling to complete his work but will not separately charge an amount for the cable used in completing a job. Nails and screws that cost $700 he will use these in completing his work but will not separately charge an amount for the nails and screws used in completing a job. Tools purchased during the year that cost $4,000 he will use these to complete his work but does not hold them for resale. Assuming that Bill wishes to value his trading stock at cost price on 30 June 2014, what value of closing stock should he choose?