A group of thirty 2-year old cattle was held at January 1, 2021. On this same date, additional five 2-year old cows were purchased at P12,500 each and five healthy calves were born. No cows or calves were sold during the year. Per unit fair values less costs to sell were as follows: January 1, 2021 2-year old cattle-12,500 Newborn cattle-4,000 December 31, 2021: 3-year old cattle-15,000 2-year old cattle-13,000 1-year old cattle-7,000 Newborn cattle-4,500 The company records separately the increase in fair value less costs to sell due to physical change and due to price change. How much is the change in fair value less costs to sell due to price change?
A group of thirty 2-year old cattle was held at January 1, 2021. On this same date, additional five 2-year old cows were purchased at P12,500 each and five healthy calves were born. No cows or calves were sold during the year. Per unit fair values less costs to sell were as follows: January 1, 2021 2-year old cattle-12,500 Newborn cattle-4,000 December 31, 2021: 3-year old cattle-15,000 2-year old cattle-13,000 1-year old cattle-7,000 Newborn cattle-4,500 The company records separately the increase in fair value less costs to sell due to physical change and due to price change. How much is the change in fair value less costs to sell due to price change?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A group of thirty 2-year old cattle was held at January 1, 2021. On this same date, additional five 2-year old cows were purchased at P12,500 each and five healthy calves were born. No cows or calves were sold during the year. Per unit fair values less costs to sell were as follows:
January 1, 2021
2-year old cattle-12,500
Newborn cattle-4,000
December 31, 2021:
3-year old cattle-15,000
2-year old cattle-13,000
1-year old cattle-7,000
Newborn cattle-4,500
The company records separately the increase in fair value less costs to sell due to physical change and due to price change.
How much is the change in fair value less costs to sell due to price change?
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