Reference no: EM132784502
Question - Rainbow Company has the following information pertaining to its biological asset for the year 2024:
A held of 100, 2-year old animals was held at January 1, 2024. Ten animals aged 2.5 years were purchased in July 1, 2024 for P5,400, and ten animals were born on July 1, 2024. No animals were sold or disposed of during the period. Per unit fair value less estimated point of sale cost were as follows:
2.0-year-old animal at January 1, 2024 P5,000
New born baby animal at July 1, 2024 3,500
2.5-year-old animal at July 1, 2024 5,400
New born animal at December 31, 2024 3,600
0.5-year-old animal at December 31, 2024 4,000
2.0-year-old animal at December 31, 2024 5,250
2.5-year-old animal at December 31, 2024 5,550
3.0-year-old animal at December 31, 2024 6,000
Required - What is the fair value of the biological as of December 31, 2024?
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