December 30, 2021, the Tagaytay Farms slaughtered cows with fair value less cost to sell of P 200,000. The meat, on the other hand, had a fair value less cost to sell of P 205,000. At year-end, the fair value declined slightly to P190,000 and no meat had been sold at year-end. The net realizable value of the meat at year-end is P205,000. On January 1, 2022, all of the meat had been sold for P250,000, the company paid selling cost of P2,000. Prepare the journal entries on the following dates: 1. At December 30, 2021 2. January 1, 2021: A. Sales of meat B. Cost of sales of meat
December 30, 2021, the Tagaytay Farms slaughtered cows with fair value less cost to sell of P 200,000. The meat, on the other hand, had a fair value less cost to sell of P 205,000. At year-end, the fair value declined slightly to P190,000 and no meat had been sold at year-end. The net realizable value of the meat at year-end is P205,000. On January 1, 2022, all of the meat had been sold for P250,000, the company paid selling cost of P2,000. Prepare the journal entries on the following dates: 1. At December 30, 2021 2. January 1, 2021: A. Sales of meat B. Cost of sales of meat
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
On December 30, 2021, the Tagaytay Farms slaughtered cows with fair value less cost to sell of P 200,000. The meat, on the other hand, had a fair value less cost to sell of P 205,000. At year-end, the fair value declined slightly to P190,000 and no meat had been sold at year-end. The net realizable value of the meat at year-end is P205,000. On January 1, 2022, all of the meat had been sold for P250,000, the company paid selling cost of P2,000.
Prepare the
1. At December 30, 2021
2. January 1, 2021:
A. Sales of meat
B. Cost of sales of meat
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education