CowCo is a company that farms dairy cattle. CowCo owns the farmland on which the cattle are located, having purchased it for $1.5 million in 2011. The land is measured at cost under IAS 16.

Details of cattle at 30 June 2013 were as follows:

	Cows		Heifers
Number	900		200
Fair value (less estimated costs to sell)		$800		$320

During the year ended 30 June 2014 the following occurred:

• 200 new cows were purchased at $810 each

• 50 heifers matured into cows

• 5 heifers died

• 100 cows were sold for $830 each

• The price change between a heifer and a cow at the time of maturity during the year was estimated to be $500

The following is relevant at 30 June 2014:

• The land has been valued at $5.6 million

• Fair value less estimated costs to sell are as follows (CowCo has determined that these are the appropriate fair values to use for the purposes of transfers and deaths of heifers):

  • Cows - $850 /head

  • Heifers - $350/head

Determine the fair value of cows as at 30 June 2014.

Determine the fair value of heifers as at 30 June 2014.