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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? *

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? *

FINANCIAL ACCOUNTING
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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Problem 12

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? *
Transcribed Image Text: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? *
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