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What is the ending inventory at december

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Reference no: EM133122617

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Q1. Love Yourself Association engages in the business of cow farming. Throughout the year 2020, they have managed 100, 2-year-old cows and 50, 3-year old cows. No other calves are born during the year. Here are the important information about their fair value less cost of disposal:

Fair value of a 2-year-old cow, 1/1/2020- P3,000

Fair value of a 3-year-old cow, 1/1/2020- P4,000

Fair value of a 4-year-old cow, 1/1/2020- P5,300

Fair value of a 2-year-old cow, 12/31/2020- P3,300

Fair value of a 3-year-old cow, 12/31/2020- P4,500

Fair value of a 4-year-old cow, 12/31/2020- P5,800.

How much shall be recorded as change in fair value due to 1) physical change and 2) price change, respectively?

a. P185,000 ; P55,000

b. P150,000 ; P90,000

c. P165,000 ; P75,000

d. P240,000 ; P0

Q2. Boy With Luv, Inc. sells grocery items and utilizes of the retail inventory method in valuing its inventory. The following information has been provided:

Inventory, 1/1- Cost: 320,000; Retail- P800,000

Sales- P5,800,000

Purchases- Cost: P2,100,000; Retail: P6,000,000

Freight-in- P70,000

Net markups- P400,000

Net markdowns- P200,000

Using the FIFO Retail Inventory Method, what is the ending inventory at December 31 (assuming Boy With Luv reports every calendar year)?

a. P460,000

b. P414,996

c. P420,000

d. P426,852

Reference no: EM133122617

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