The following information is made available by Purple Farms in relating to its dairy livestock during the year 2021. Carrying amount at January 1, P1,000,000 Fair value less cost to sell of livestock purchased during the year, 280,000 Fair value less cost to sell of livestock Born during the year, 60,000 Increase in FV less cost to sell due to price change, 180,000 Increase in FV less cost to sell due to physical change, 40,000 FV less cost to sell of livestock sold during the year, 890,000 How much biological assets was reported by Purple Farms at December 31, 2021?
The following information is made available by Purple Farms in relating to its dairy livestock during the year 2021. Carrying amount at January 1, P1,000,000 Fair value less cost to sell of livestock purchased during the year, 280,000 Fair value less cost to sell of livestock Born during the year, 60,000 Increase in FV less cost to sell due to price change, 180,000 Increase in FV less cost to sell due to physical change, 40,000 FV less cost to sell of livestock sold during the year, 890,000 How much biological assets was reported by Purple Farms at December 31, 2021?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 2RE: Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of...
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The following information is made available by Purple Farms in relating to its dairy livestock during the year 2021.
Carrying amount at January 1, P1,000,000
Fair value less cost to sell of livestock purchased during the year, 280,000
Fair value less cost to sell of livestock Born during the year, 60,000
Increase in FV less cost to sell due to price change, 180,000
Increase in FV less cost to sell due to physical change, 40,000
FV less cost to sell of livestock sold during the year, 890,000
How much biological assets was reported by Purple Farms at December 31, 2021?
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