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Problem 1: 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 31st , 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?
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