Reference no: EM132950210
Questions -
Q1) Legend Dairy produced milk for local ice cream producers. The entity began operations at the beginning of current year by purchasing milking cows for P2,000,000.
The entity provided the following information at year-end relating to the milking cows
Carrying amount - January 1 2,000,000
Change in fair value due to growth and price change 400,000
Decrease in fair value due to harvest 50,000
Newborn calfat year-end at fair value 200,000
Milk harvested during the year but not yet sold 250,000
1. What amount of net gain on biological asset should be reported in the current year?
a. 400,000
b. 350,000
c. 800,000
d. 550,000
2. What amount of gain on agricultural produce should be recognized in the current year?
a. 250,000
b. 200,000
c. 600,000
d. 650,000
3. What is the carrying amount of the biological asset it year-end?
a. 2,000,000
b. 2,400.000
c. 2,650,000
d. 2,800,000
Q2) Karen Company reported the following information for the current year:
Beginning inventory 5,000,000
Purchases 26,000,000
Freight in 2,000,000
Purchase returns and allowances 3,500,000
Purchase discounts 1,500,000
Sales 40,000,000
Sales returns 3,000,000
Sales allowances 500,000
Sales discounts 1,000,000
A physical inventory taken at year-end resulted in an ending inventory costing P4,000,000.
At year-end, unsold goods out on consignment with selling price of P1,000,000 are in the hands of a consignee.
The gross profit was 40% on sales.
1. What is the cost of goods available for sale?
a. 28,000,000
b. 31,000,000
c. 33,000,000
d. 29,500,000
2. What is the cost of goods sold?
a. 21,900,000
b. 22,200,000
c. 21,300,000
d. 24,000,000
3. What is the estimated cost of inventory shortage?
a. 1,800,000
b. 2,700,000
c. 1,200,000
d. 2,100,000
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