Taxpayer conducts a business as a manufacturer and performed the following stocktake at 30 June 2020, and all values were at cost price.

• $27,000 - consumables, used in the manufacturing process
• $47,000 - spare parts of the tools used to manufacture the stock
• $237,000 - raw materials, the basis of the stock produced
• $147,000 - work in progress, the stock partially finished

In view of the above information, what value can be claimed as closing stock based upon the definition of trading stock in Div 70?

Select one:

a. $237,000

b. $411,000

c. $384,000

d. $458,000