On January 1, 2021, there were 30 2-year old swine on the farm. On January 2, 2021, 5 1-year old swine were purchased for P10,000 each and 10 were born. By the end of 2021, 5 3-year old swine were sold. The fair value less cost to sell of the swine increased from January 1 to December 31 for each age group.
On January 1, 2021, there were 30 2-year old swine on the farm. On January 2, 2021, 5 1-year old swine were purchased for P10,000 each and 10 were born. By the end of 2021, 5 3-year old swine were sold. The fair value less cost to sell of the swine increased from January 1 to December 31 for each age group.
On January 1, 2021, there were 30 2-year old swine on the farm. On January 2, 2021, 5 1-year old swine were purchased for P10,000 each and 10 were born. By the end of 2021, 5 3-year old swine were sold. The fair value less cost to sell of the swine increased from January 1 to December 31 for each age group.
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 Purchase price (10,000 x 5 pigs) 50,000 FV less cost to sell on January 1 (6,000 x 5) (30,000) Loss on initial recognition (upon purchase) 20,000