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 realizable value of the corn at year end amounted to P690,000, at what amount shall the corn be presented at year end?
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 realizable value of the corn at year end amounted to P690,000, at what amount shall the corn be presented at year end?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 13
Transcribed Image Text: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
realizable value of the corn at year
end amounted to P690,000, at what
amount shall the corn be presented
at year end? *
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