Elmo Hams breeds and sells pigs His records disclosed the following Quantity Value ($) Pigs on Hand beginning of year 3400 72100 Purchases 900 38200 Natural Increase 1100 Sales 2900 161500 Rations 50 Pigs on Hand end of year 2250 Elmo chooses to use the prescribed value for natural increase and ave...

a To calculate the average cost per pig we need to find the total cost and then divide it by the tot ...

Elmo Hams breeds and sells pigs. His records disclosed the following: Quantity Value ($) Pigs on Hand

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Elmo Hams breeds and sells pigs. His records disclosed the following:

	Quantity	Value ($)
Pigs on Hand - beginning of year	3400	72100
Purchases	900	38200
Natural Increase	1100
Sales	2900	161500
Rations	50
Pigs on Hand - end of year	2250

Elmo chooses to use the prescribed value for natural increase and average cost for rations and closing stock.

Market selling value of Elmo's stock at year end was $40 per head.

a)Calculate the average cost of 1 pig (to 2 decimal places) $

b) Prepare the trading account

Trading Account
	Qty.	$		Qty.	$
Opening Stock			Sales
Purchases			Rations
Natural Increase			Deaths
Gross Profit			Closing Stock
Total			Total

Related Book For answer-question

Intermediate Accounting

ISBN: 978-0077400163

6th edition

Authors: J. David Spiceland, James Sepe, Mark Nelson

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Posted Date: Feb 14, 2024 12:42 PM

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Elmo Hams breeds and sells pigs. His records disclosed the following: Quantity Value ($) Pigs on Hand

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a To calculate the average cost per pig we need to find the total cost and then divide it by the tot... View the full answer

Intermediate Accounting

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