PinkCow Ltd sells PinkCow energy drink cans to customers The following relates to PinkCow Ltd's activities d June 1 Opening inventory 50,000 cans-cost $2 each 95,000 cans purchased at a cost of $2.50 each 7 40,000 cans purchased at a cost of $2.50 each 23 10,000 cans purchased at a cost of $2.60 each 31 Closing inventory (as per physical stocktake) 20,000 cans. Additional information i. The most recent selling price of the PinkCow can is S4.60 per can. e thousand cans of the closing inventory have been dented and can only be sold for S1 per can. The dented cans were from the purchase on the 17th June. ii. O Freight from the supplier to PinkCow Ltd costs $0.50 per can. Freight from PinkCow Ltd to supermarkets costs $0.60 per can and would also apply to the cans with dents. PinkCow Ltd pays both sets of freight costs. ili. iv. PinkCow Ltd uses the periodic inventory system. Required: Calculate the value of closing inventory as provided for in AASB 102 Inventories, applying the FIFO (first-in-first-out) method. Justify all aspects of your calculations