Jersey Co is a company that farms dairy cattle. Jersey Co owns the farmland on which the cattle are located, having purchased it for $3.5 million in 2016. The land is measured at cost under AASB 116/IAS 16.

Details of cattle at 30 June 2018 were as follows:

		Cows		Heifers
Number		700		100
Fair value (less estimated costs to sell) per head		$590		$210

During the year ended 30 June 2019 the following occurred:

200 new cows were purchased at $610 each

38 heifers matured into cows

5 heifers died

300 cows were sold for $650 each

The price change between a heifer and a cow at the time of maturity during the year was estimated to be $400. The following is relevant at 30 June 2019:

The land has been valued at $5 million. Jersey Co has determined that the following are the appropriate values to use for the purposes of transfers and deaths of heifers. Fair value less estimated costs to sell:

Cows:		$680 / head
Heifers:		$260 / head

The fair value of cows as at 30 June 2019 is: