Your company manufactures chocolate bars and uses raw liquid chocolate in bulk form $($which it stores in a single large heated tank$)$ to make the bars. The following information describes inventory$/$purchase of the raw liquid chocolate:

Inventory as of Dec $31/2019$: $6900$ gallons $$18,000$ value

Purchased Jan $28/2020$: $8,000$ gallons at a cost of $$300,000$

Purchased Sept $12/2020$: $15,000$ gallons at a cost of $$408,000.$

Inventory as of Dec $31/2020$: $10,393$ gallons

Note: all of these $2020$ deliveries were stored in the aforementioned tank, and the company uses average costs.

Given the above information, what is the value of raw liquid chocolate that should be recorded as an asset on the Dec $31$st $2020$ Balance Sheet given the market price of raw liquid chocolate is $$30$ per gallon on that date?

Question $2$ options:

$$252,351$

$$311,790$

$$318,502$

$$314,000$