Reference no: EM132765472
Question: Dairy Corporation produces milk on its farms located in Ilocos Norte.
At December 31, 2019, the herd of cows are as follows:
4,000 cows (3 years old), all purchased in prior years
2,000 heifers (2 years old), all purchased in prior years
1,000 heifers (1 year old) purchased on December 31, 2011
The unit vales less estimated point of sale costs were as follows:
1 year old animal at December 31, 2019 ?35,000
2 year old animal at December 31, 2019 45,000
3 year old animal at December 31, 2019 54,000
1 year old animal at December 31, 2020 38,000
2 year old animal at December 31, 2020 47,500
3 year old animal at December 31, 2020 57,000
4 year old animal at December 31, 2020 60,000
Required: - Compute for the change in fair value less estimated point of sale cost of the biological assets dues to; Price change
Physical change
- Prepare schedule showing the reconciliation of beginning balances to ending balances of biological assets and the changes during the period due to price purchase and change in fair value
- Give the journal entries for 2020 to reflect the foregoing.
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