12. Sweet Corn Inc. harvested corn with fair value of P700,000 at the dat harvest. Estimated cost to sell is P20,000. At year end, it was determinec the net realizable value of the corn amounted to P660,000 and no corn h sold at year end. At what amount shall the corn be presented at year end=

12. Sweet Corn Inc. harvested corn with fair value of P700,000 at the dat harvest. Estimated cost to sell is P20,000. At year end, it was determinec the net realizable value of the corn amounted to P660,000 and no corn h sold at year end. At what amount shall the corn be presented at year end=

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

12. Sweet Corn Inc. harvested corn with fair value of P700,000 at the date of
harvest. Estimated cost to sell is P20,000. At year end, it was determined that
the net realizable value of the corn amounted to P660,000 and no corn has been
sold at year end. At what amount shall the corn be presented at year end? *
Your answer
13. Sweet Corn Inc. harvested corn with fair value of P700,000 at the date of
harvest. Estimated cost to sell is P20,000. At year end, it was determined that
the net realizable value of the corn amounted to P660,000 and no corn has been
sold at year end. Assume that the net reallzable value of the corn at year end
amounted to P690,000, at what anmount shall the corn be presented at year end?
Your answer
Ti

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