Q- 8: alpacas are sheared once a quarter to harvest very valuable alpaca wool that is used in designer sweaters. Oxford has the following information related to the alpaca herd at July 1, 2019, and during the first quarter of the fiscal year. Oxford Wool Company has a herd of 150 alpacas. The LAlpaca Carrying value (equal to net realizable value), July 1, 2019 $80,000 Change in fair value due to growth and price changes 5,137 Decrease in fair value due to harvest (650) Alpaca wool harvested during the first quarter (at net realizable value) 8,670 Instructions 1. Prepare the journal entries for Oxford's biological asset (Alpaca herd) for the first quarter. 2. Prepare the journal entries for the Alpaca wool harvested in the first quarter. 3. Prepare the journal entry when the Alpaca wool is sold for $9,660.

Q- 8: alpacas are sheared once a quarter to harvest very valuable alpaca wool that is used in designer sweaters. Oxford has the following information related to the alpaca herd at July 1, 2019, and during the first quarter of the fiscal year. Oxford Wool Company has a herd of 150 alpacas. The LAlpaca Carrying value (equal to net realizable value), July 1, 2019 $80,000 Change in fair value due to growth and price changes 5,137 Decrease in fair value due to harvest (650) Alpaca wool harvested during the first quarter (at net realizable value) 8,670 Instructions 1. Prepare the journal entries for Oxford's biological asset (Alpaca herd) for the first quarter. 2. Prepare the journal entries for the Alpaca wool harvested in the first quarter. 3. Prepare the journal entry when the Alpaca wool is sold for $9,660.

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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