Solution-What fair value less costs to sell of the herd of

An entity cultivates cattle for the beef industry. On December 31, 2020 the entity's herds included 500 18-month-old cattle.

On December 2016 the quoted price for live cattle delivered to the local slaughterhouse to which the entity delivers its livestock is P300 per 18-month-old animal.
The slaughterhouse is located 25 miles from the entity's farmland where the cattle are raised. Carriers providing cattle transport services to the entity charge P65 per trip from the entity's farm to the slaughterhouse using a 10-cow carrier. No incremental selling costs arise on the sale to the slaughterhouse.

Problem 1: On December 31, 2020 the fair value less costs to sell of the herd of cattle (biological assets) is

a. 117,500

b. 150,000

c. 149,935

d. 146,750

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