Egoy Company is a producer of coffee. The entitty is considering the valuation of harvested coffee beans. Industry practice is to value the coffee beans at market value ans uses as reference as publication "accounting for successful farms". On December 31, 2016, the entity has harvested coffee beans costing P3,000,000.00 and with a fair value less cost to sell of P3,500,000.00 at the point of harvest. Because of the long aging and maturation process after harvest, the harvested coffee beans were still on hand on December 31, 2017. On such date, the fair value less cost of disposal is P3,900,000 and net realizable value is P3,200,000.00 What is the measurement of the coffee beans inventory on December 31, 2017? Select the correct response:

Egoy Company is a producer of coffee. The entitty is considering the valuation of harvested coffee beans. Industry practice is to value the coffee beans at market value ans uses as reference as publication "accounting for successful farms". On December 31, 2016, the entity has harvested coffee beans costing P3,000,000.00 and with a fair value less cost to sell of P3,500,000.00 at the point of harvest. Because of the long aging and maturation process after harvest, the harvested coffee beans were still on hand on December 31, 2017. On such date, the fair value less cost of disposal is P3,900,000 and net realizable value is P3,200,000.00 What is the measurement of the coffee beans inventory on December 31, 2017? Select the correct response:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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