Reference no: EM132834303
Question - Rainbow Company has the following information pertaining to its biological assets for the year 2021: A herd of 100, 2-year old cows was held at January 1, 2021. Ten cows aged 2.5 years were purchased on July 1, 2021 for P5,400, and ten calves were born on July 1, 2021. No animals were sold or disposed of during the period. Per unit fair values less estimated point-of-sale costs were as follows: 2.0 year old cow at January 1, 2021 P5,000 Newborn calf at July 1, 2021 3,500 2.5 year old cow at July 1, 2021 5,400 Newborn calf at December 31, 2021 3,600 0.5 year old calf at December 31, 2021 4,000 2.0 year old cow at December 31, 2021 5,250 2.5 year old cow at December 31, 2021 5,550 3.0 year old cow at December 31, 2021 6,000.
Required -
a) How much of the increase in the fair value of the biological assets is due to price change?
b) How much of the increase in the fair value of the biological assets is due to physical change?
c) What is the fair value of the biological assets as of December 31, 2021?
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