Determine the value of inventory on hand at 30 June 2021 based on the periodic inventory system using the F.I.F.O. . (First-In-First-Out) inventory valuation method. Show your calculations.

The following information relates to questions 1 to 4. Zest Juices produces and sells freshly pressed juices. The business is registered for GST. The management of the business is investigating different methods for the valuation of inventory. The inventory data for the product 'Orange Plus' for the year ending 30 June 2021 is as follows. Inventory on hand Production 1/7/2020 5/9/2020 15/12/2020 18/3/2021 22/6/2021 No. of crates 400 1,200 800 900 600 Cost per crate $10 $12 $14 $16 $10 Total cost $4,000 $14,400 $11,200 $14,400 $6,000 During the year Zest Juices sold 2,300 crates of 'Orange Plus' for $22 each