Question
VRN Ltd had 500 units of product Z on 31 March 2021. The product had been purchased at a cost of Rs.18 per unit and normally sells for Rs.24 per unit. Recently, product Z started to deteriorate but can still be sold for Rs.24 per unit, provided some rectification work is undertaken at a cost of Rs.3 per unit. What is the value of closing inventory at 31 March 2021?
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