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Hey all
I’m unable to find the answer of the following question. Could anyone advice?
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 guys. It was in the BPP Final Mock June 2015 paper.
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