1- Mt. Horeb Alpaca Co. has a herd of 150 alpacas. The alpacas are sheared once a quarter to harvest very valuable alpaca wool that is used in designer sweaters. Mt. Horeb has the following information related to the alpaca herd at July 1, 2019, and during the first quarter of the fiscal year. Alpaca Carrying value (equal to net realizable value), July 1, 2019 Change in fair value due to growth and price changes Decrease in fair value due to harvest Alpaca wool harvested during the first quarter (at net realizable value) $110,000 7,000 (795) 12,000 Instructions (a). Prepare the journal entries for Mt. Horeb's biological asset (Alpaca herd) for the first quarter. (b). Prepare the journal entries for the Alpaca wool harvested in the first quarter. (c). Prepare the journal entry when the Alpaca wool is sold for $13,500.

1- Mt. Horeb Alpaca Co. has a herd of 150 alpacas. The alpacas are sheared once a quarter to harvest very valuable alpaca wool that is used in designer sweaters. Mt. Horeb has the following information related to the alpaca herd at July 1, 2019, and during the first quarter of the fiscal year. Alpaca Carrying value (equal to net realizable value), July 1, 2019 Change in fair value due to growth and price changes Decrease in fair value due to harvest Alpaca wool harvested during the first quarter (at net realizable value) $110,000 7,000 (795) 12,000 Instructions (a). Prepare the journal entries for Mt. Horeb's biological asset (Alpaca herd) for the first quarter. (b). Prepare the journal entries for the Alpaca wool harvested in the first quarter. (c). Prepare the journal entry when the Alpaca wool is sold for $13,500.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 8E

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