Question 4 Wonderwoman is a wholesale distribution business that sells bottled facial cream. The following relates to the business's activities during January 2018: January 1 Opening balance 5,000 bottles (purchase price $39.00 per bottle) January 8 Purchased 10,000 bottles, (purchase price $40.00 per bottle) January 23 Purchased 15,000 bottles, ($41.20 per bottle) January 31 Closing inventory as per physical stocktake is 22,000 bottles Additional information i. Two thousand bottles of the closing inventory have passed their use-by date and cannot be sold for human use. However, they can be sold to an arts supplies store for use in pigments in craft paints for $17 per bottle. These bottles were originally purchased on January 8. ii Transportation from the supplier to Wonderwoman costs $5 per bottle. iii Transportation from Wonderwoman to department stores costs $9 per bottle iv Transportation from Wonderwoman to the arts supplies store costs $9 per bottle Wonderwoman pays all of the transportation costs. The latest selling price for inventory yet to reach its use by date is $85 V vi Required: Calculate the value of closing inventory at 31 January 2018 as provided for in AASB 102, applying the FIFO (first-in-first-out) method. Justify all aspects of your calculation. (Total = 8 marks)