Use the Following Information to Answer Questions 29 and 30 $\bullet$

Use the following information to answer questions 29 and 30.
CowCo is a company that farms dairy cattle. CowCo owns the farmland on which the cattle are located, having purchased it for $1.5 million in 2011. The land is measured at cost under IAS 16.
Details of cattle at 30 June 2013 were as follows:
During the year ended 30 June 2014 the following occurred:
$\bullet$ 200 new cows were purchased at $810 each
$\bullet$ 50 heifers matured into cows
$\bullet$ 5 heifers died
$\bullet$ 100 cows were sold for $830 each
$\bullet$ The price change between a heifer and a cow at the time of maturity during the year was estimated to be $500
The following is relevant at 30 June 2014:
$\bullet$ The land has been valued at $5.6 million
$\bullet$ Fair value less estimated costs to sell are as follows (CowCo has determined that these are the appropriate fair values to use for the purposes of transfers and deaths of heifers) :
o Cows - $850 /head
o Heifers - $350/head
-The fair value of cows as at 30 June 2014 is:

A) $943 250
B) $892 500
C) $875 000
D) $816 500