Question 2 PinkCow Ltd sells PinkCow energy drink cans to customers. The following relates to PinkCow Ltd's activities during June 2017: ns. Additional information i. The most recent selling price of the PinkCow can is $4.60 per can. ii. One thousand cans of the closing inventory have been dented and can only be sold for $1 per can. The dented cans were from the purchase on the 17th June. iii. 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. 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