The we like chicken company raises chickens from hatching

Reference no: EM13605906

The We Like Chicken Company raises chickens from hatching until they become productive hens. The company is preparing financial statements for its first year of operations and has come to you for assistance on the proper accounting for the chickees. Each hen has a useful life of two years, after which they are sold to Campbell's Soup Company, with the exception of one hen who receives a Presidential pardon each year at Easter. The President of the Company believes that the cost of the egg producing hens should be included in inventory because they represent "goods available for resale." The Controller believes that the hens should be classified as property, plant and equipment because they are like machinery that is used to produce the inventory of eggs. Using the codification system, research the issue for your client

Reference no: EM13605906

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