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What is the value of the remaining raw liquid chocolate

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Question - 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. On December 31, 2019 the tank held 580 gallons of raw liquid chocolate valued at $18,000. On January 28, 2020 it bought 10,000 gallons of raw liquid chocolate for $300,000, and on September 12, 2020 it bought a further 12,000 gallons for $408,000. Note: all of these 2020 deliveries were stored in the aforementioned heated tank, and the company uses average costs to value inventory. On December 315t, 2020 there remained 9,000 gallons of raw 'liquid chocolate left over in the heated tank & the market price for raw liquid chocolate was $30 per gallon. Given the above information what is the value of the remaining raw liquid chocolate at the end of 2020 to be recorded on the Balance Sheet as inventory?

Reference no: EM133038469

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