Refer to the consolidated financial statements in the latest financial report of JB Hi-Fi Limited on its website, www.jbhifi.com.au, and answer the following questions.

1.    What value is placed on the consolidated group’s inventories at the end of the current year?

2.    Determine the accounting policies used by JB Hi-Fi Limited for the valuation of inventories. Briefly outline the features of the system used.

3.    Were any inventories valued using the lower of cost and net realisable value rule? If so, what value is placed on these inventories?

4.    How much is reported as the cost of sales for the group of companies?