A group of thirty 2-year old swine was held on January 1, 2021.

  Five one year old swine were

purchased on January 2, 2021 for P10,000 each and ten were born also on January 2, 2021.  
Five 3-year old swine were sold at the end of the year 2021.  The fair value less cost to sell
of each were as follows: 
  FV less cost to sell  FV less cost to sell 
Age  January 1,2021  December 31,2021 

Newborn     P4,000  P5,000 

1 year old  6,000  6,500 
2 years  8,500  11,600 
3 years  11,200  16,500 
Age 3 yrs at Dec. 31 ( 30 - 5)=25 x 16500 = P412,500
Age 2 yrs old (5 x 11600)-------------------------------- 58,000
Age 1 yr old (10x6500) 65,000
Biological Assets – Dec. 31, 2021----------------------535,500