For items 16 and 17, please refer to the following information: On January 1, 2021, the...

 

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For items 16 and 17, please refer to the following information: On January 1, 2021, the biological assets of ABC Company consist of ten 2-year old animals with fair value less cost to sell of P10,000 each. Transactions during the year include the following: a) One animal aged 2.5 years was purchased on July 1, 2021 for P10,800. b) One animal was born on July 1, 2021. c) No animals were sold or disposed of during the period. Per-unit fair values less cost to sell are as follows: New born animal at July 1, 2021 2.5-year old animal at July 1, 2021 New born animal at December 31, 2021 0.5-year old animal at December 31, 2021 2-year old animal at December 31, 2021 2.5-year old animal at December 31, 2021 3-year old animal at December 31, 2021 16. Determine the change in FVLCS due to price change. (5 pts.) 17. Determine the change in FVLCS due to physical change. (5 pts.) P7,000 10,800 7,200 8,000 10,500 11,100 12,000 For items 16 and 17, please refer to the following information: On January 1, 2021, the biological assets of ABC Company consist of ten 2-year old animals with fair value less cost to sell of P10,000 each. Transactions during the year include the following: a) One animal aged 2.5 years was purchased on July 1, 2021 for P10,800. b) One animal was born on July 1, 2021. c) No animals were sold or disposed of during the period. Per-unit fair values less cost to sell are as follows: New born animal at July 1, 2021 2.5-year old animal at July 1, 2021 New born animal at December 31, 2021 0.5-year old animal at December 31, 2021 2-year old animal at December 31, 2021 2.5-year old animal at December 31, 2021 3-year old animal at December 31, 2021 16. Determine the change in FVLCS due to price change. (5 pts.) 17. Determine the change in FVLCS due to physical change. (5 pts.) P7,000 10,800 7,200 8,000 10,500 11,100 12,000

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Changes in fair value less costs to sell due to Price Change It represents the price change for the ... View the full answer