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How much shall be taken to profit or loss as a gain

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Reference no: EM132753302

Question: A group of twenty 2-year old cattle was held at January 1, 2012. Five 2-year old cattle were purchased on January 2, 2012 for Php 13,000 each and five calves were born on the same date.

No cows or calves were disposed of during the period. Per unit fair values less estimated point of sale costs were as follows:

January 1, 2012

2-year old cattle

Php 12,000

New born cattle 4,000

December 31, 2012

3-year old cattle 15,000

2-year old cattle 13,000

1-year old cattle 7,000

Newborn cattle 5,000

How much shall be taken to profit or loss as a gain arising from change in fair value due to physical change?

Reference no: EM132753302

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