Marko Corporation has several assets for classification as biological assets. Afterreviewing the data gathered shown in the image, how much should Marko reportas net gain from change in fair value of biological assets for the quarter?Cows andSheepCocoa pods keptin storage forthe whole periodCocoa TreesCostP300,000P400,000Carrying Value, April 1, 2020Increase or (decrease) invalue from price changeIncrease or (decrease) invalue from physical change800,000900,000P 200,000(40,000)(50,000)20,000100,000180,00050,000Your answer Painter Inc. sells several types of paint. Due to the low demand, it would be testing its inventoryfor impairment. It gathered the following information:Unit Selling Price(Updated)P 4001,3001,700Ave. UnitNo.BrandТурeSizeUnits Unit CostCost to SellP 70001 | A002 A003 A004 | B005 B006 BHow much should be reported as loss from inventory write-down?Water-based 4-literWater-based 16-liter10P 350201,1502501,2001,07516-liter20AcrylicWater-based 16-literAcrylicAcrylic30051,2502004-liter154006007016-liter101,2502,000250

calculation of net gain from change in fair value of biological assets for the quarter :

Answered: cla gathered shown in the im ange in…

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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Marko Corporation has several assets for classification as biological assets. After
reviewing the data gathered shown in the image, how much should Marko report
as net gain from change in fair value of biological assets for the quarter?
Cows and
Sheep
Cocoa pods kept
in storage for
the whole period
Cocoa Trees
Cost
P300,000
P400,000
Carrying Value, April 1, 2020
Increase or (decrease) in
value from price change
Increase or (decrease) in
value from physical change
800,000
900,000
P 200,000
(40,000)
(50,000)
20,000
100,000
180,000
50,000
Your answer

Transcribed Image Text:Painter Inc. sells several types of paint. Due to the low demand, it would be testing its inventory for impairment. It gathered the following information: Unit Selling Price (Updated) P 400 1,300 1,700 Ave. Unit No. Brand Турe Size Units Unit Cost Cost to Sell P 70 001 | A 002 A 003 A 004 | B 005 B 006 B How much should be reported as loss from inventory write-down? Water-based 4-liter Water-based 16-liter 10 P 350 20 1,150 250 1,200 1,075 16-liter 20 Acrylic Water-based 16-liter Acrylic Acrylic 300 5 1,250 200 4-liter 15 400 600 70 16-liter 10 1,250 2,000 250

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