Squeeze Juice is a mobile retailer of fresh fruit juices. Their products are sold at major events. The following information relates to the businesss activities for the week of the Great Victorian Bike Ride.

Jan 1 Opening Inventory 20,000 bottles @ 84c per bottle

Jan 2 Sales 18,000 bottles @ $1.40 per bottle

Jan 3 Purchases 10,000 bottles @ 90c per bottle

Jan 4 Sales 11,000 bottles @ $1.50 per bottle

Jan 5 Purchases 15,000 bottles @ $1.00 per bottle

Jan 6 Sales 14,000 bottles @ $1.60 per bottle

Jan 7 Closing Inventory 1,000 (as per physical stock take)

Four hundred bottles of closing stock have passed their use by date and cannot be sold for human consumption. They can, however, be sold to a local goat farm for 20c per bottle.

Transportation from the Victoria market, where the juice is squeezed, to Squeeze Juice is 10c per bottle. Transportation to the goat farm is 5c per bottle. These transportation costs are not applicable to customers. Squeeze Juice pays both lots of transportation costs.

Required:

Calculate the value of closing inventory as provided for in AASB 102, applying the FIFO (first-in-first-out) method. Squeeze Juice uses the periodic inventory method. Justify ALL aspects of your calculations.