Jersey Co is a company that farms dairy cattle. Jersey Co owns the farmland on which the cattle are located, having purchased it for $3.5 million in 2019. The land is measured at cost under AASB 116/IAS 16. Details of cattle at 30 June 2021 were as follows:

\begin{array}{ll}&\text { Cows }&\text { Heifers }\\\text { Number } & 1400&200 \\\text { Fair value (less estimated costs to sell) per head } & \$ 590&\$210\end{array}

During the year ended 30 June 2022 the following occurred:
400 new cows were purchased at $610 each
76 heifers matured into cows
10 heifers died
600 cows were sold for $650 each
The price change between a heifer and a cow at the time of maturity during the year was estimated to be $400. The following is relevant at 30 June 2022:
The land has been valued at $5 million. Jersey Co has determined that the following are the appropriate values to use for the purposes of transfers and deaths of heifers. Fair value less estimated costs to sell:
Cows: $720 / head
Heifers: $300 / head
The fair value of cows as at 30 June 2022 is:
A) $433 840
B) $430 440
C) $413 000
D) $408 000

Whiting Limited Operates a Fish Farm

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