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What amount should central farm company report as inventory

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Reference no: EM132817460

Central Farm Corporation reported the following lists of biological asset and agricultural produce for the year ended December 31, 2020

Fair Value

Dairy cattle 3,000,000
Beef cattle 5,000,000
Sheep 2,000,000
Calves on dairy cattle 1,000,000
Calves on beef cattle 1,500,000
Lambs 800,000
Milks on dairy cattle 500,000
Carcass on beef cattle 600,000
Wool 400,000

Problem 1: what amount should Central Farm Company report as inventory related to the biological assets?
a. 500,000
b. 600,000
c. 1,100,000
d. 1,500,000

Reference no: EM132817460

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