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Hello sir,
I’m unable to find the answer of the following question. Could you kindly guide me?
Scottson a farmer acquired 600 2 year old cows on 1 January 20X1 for $800 each. 100 calves were born in December 20X1. 150 animals were sold during the year for $840 each.
The fair value less costs to sell cows at 31 December 20X1 was:
Calves $200
2 year old calves $850
3 year old cows $900How much should be recognized in the profit or loss in total in respect of the cows for the year ended 31 December 20X1?
A $111,000
B $26,000
C $91,000
D $75,000I couldn’t find the answer to it online so I am asking you. It was in the BPP Final Mock June 2015 paper.
This is virtually the same as the example in the course notes! Have you followed that through and then applied it to this question?
Try that and then come back if you’re still not sure
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