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Oman Milk began operations on May 1, 2019, with purchase of 250 milking cows for R.O. 8,000,000. It has completed the first month of operations and has the following information for its milking cows at the end .of May 2019 (000 omitted) Milking cows Change in fair value due to growth and price changes* R.O. (250,000) Decrease in fair value due to harvest (15,000) Milk harvested during May 2019 (at net realizable value) 90,000 Due to a very high rate of calving in* the past month, there is a glut of milking .cows on the market Instructions (Prepare the journal entries) Prepare the journal entries for Oman (a) Milk's biological asset (milking cows) for the .month of May 2019 Prepare the journal entry for the milk (b) .harvested by Oman Milk during May 2019 Oman Milk sells the milk harvested in (c) May on the local milk exchange and receives .R.O. 93,000

Oman Milk began operations on May 1, 2019, with purchase of 250 milking cows for R.O. 8,000,000. It has completed the first month of operations and has the following information for its milking cows at the end .of May 2019 (000 omitted) Milking cows Change in fair value due to growth and price changes* R.O. (250,000) Decrease in fair value due to harvest (15,000) Milk harvested during May 2019 (at net realizable value) 90,000 Due to a very high rate of calving in* the past month, there is a glut of milking .cows on the market Instructions (Prepare the journal entries) Prepare the journal entries for Oman (a) Milk's biological asset (milking cows) for the .month of May 2019 Prepare the journal entry for the milk (b) .harvested by Oman Milk during May 2019 Oman Milk sells the milk harvested in (c) May on the local milk exchange and receives .R.O. 93,000

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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Y IA N Oman Milk began operations on May 1, 2019, with purchase of 250 milking cows for R.O. 8,000,000. It has completed the first month of operations and has the following information for its milking cows at the end .of May 2019 (000 omitted) Milking cows Change in fair value due to growth and price changes* R.O. (250,000) Decrease in fair value due to harvest (15,000) Milk harvested during May 2019 (at net realizable value) 90,000 Due to a very high rate of calving in* the past month, there is a glut of milking .cows on the market Instructions (Prepare the journal entries) Prepare the journal entries for Oman (a) Milk's biological asset (milking cows) for the .month of May 2019 Prepare the journal entry for the milk (b) .harvested by Oman Milk during May 2019 Oman Milk sells the milk harvested in (c) May on the local milk exchange and receives .R.O. 93,000
Transcribed Image Text:Y IA N Oman Milk began operations on May 1, 2019, with purchase of 250 milking cows for R.O. 8,000,000. It has completed the first month of operations and has the following information for its milking cows at the end .of May 2019 (000 omitted) Milking cows Change in fair value due to growth and price changes* R.O. (250,000) Decrease in fair value due to harvest (15,000) Milk harvested during May 2019 (at net realizable value) 90,000 Due to a very high rate of calving in* the past month, there is a glut of milking .cows on the market Instructions (Prepare the journal entries) Prepare the journal entries for Oman (a) Milk's biological asset (milking cows) for the .month of May 2019 Prepare the journal entry for the milk (b) .harvested by Oman Milk during May 2019 Oman Milk sells the milk harvested in (c) May on the local milk exchange and receives .R.O. 93,000
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