Question 5 (Valuation at Net Realizable Value) Mt. Horeb Alpaca Co. has a herd of 150 alpaca. The alpaca are sheared once a quarter to harvest valuable wool that is used in designer sweaters. Mt. Horeb has the following information related to the alpaca herd at July 1, 2022, and during the first quarter of the fiscal year. Alpaca Carrying value (equal to net realizable value), July 1, 2022 Change in fair value due to growth and price changes $120,000 7,700 Decrease in fair value due to harvest (975) 13,000 Alpaca wool harvested during the first quarter (at net realizable value) Instructions a. Prepare the journal entries for Mt. Horeb's biological asset (Alpaca herd) for the first quarter. b. Prepare the journal entries for the Alpaca wool harvested in the first quarter. c. Prepare the journal entry when the Alpaca wool is sold for $14,500.

Question 5 (Valuation at Net Realizable Value) Mt. Horeb Alpaca Co. has a herd of 150 alpaca. The alpaca are sheared once a quarter to harvest valuable wool that is used in designer sweaters. Mt. Horeb has the following information related to the alpaca herd at July 1, 2022, and during the first quarter of the fiscal year. Alpaca Carrying value (equal to net realizable value), July 1, 2022 Change in fair value due to growth and price changes $120,000 7,700 Decrease in fair value due to harvest (975) 13,000 Alpaca wool harvested during the first quarter (at net realizable value) Instructions a. Prepare the journal entries for Mt. Horeb's biological asset (Alpaca herd) for the first quarter. b. Prepare the journal entries for the Alpaca wool harvested in the first quarter. c. Prepare the journal entry when the Alpaca wool is sold for $14,500.

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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