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How much the milk should be valued

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Question - Juan is engaged in milk production for supply to various customers. The company produced milk with a fair value of 550,000 (that is determined at the time of milking) in the year ended December 31, 2008.

The company also estimated the following costs:

Commission to brokers and dealers 20,000

Levies by regulatory agencies and commodity exchanges 55,000

Transfer taxes and duties 20,000

Transport and other cost necessary to get assets to a market 10,000

Required - How much the milk should be valued?

a. 530,000

b. 550,000

c. 445,000

d. 455,000

Reference no: EM132734824

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