The Farmers purchased feeder calves for $10,500 and feeder pigs for $2,500. At the end of...

  

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The Farmers purchased feeder calves for $10,500 and feeder pigs for $2,500. At the end of the year, they had all of the calves and half of the feeder pigs on hand. The Farmers also had raised feeder calves on hand with a market value of $26,000 at the end of the year. The Farmers had no market livestock on hand at the begin-ning of the year. 4-3 For the following scenario: a) calculate the Change in Purchased Feeder Livestock Inventory and the Change in Market Livestock and Poultry Inventory, b) prepare the journal entries for the adjustments, and c) indicate the effects on the income statement for purchased feeder livestock and raised market livestock. The Farmers purchased feeder calves for $10,500 and feeder pigs for $2,500. At the end of the year, they had all of the calves and half of the feeder pigs on hand. The Farmers also had raised feeder calves on hand with a market value of $26,000 at the end of the year. The Farmers had no market livestock on hand at the begin-ning of the year. 4-3 For the following scenario: a) calculate the Change in Purchased Feeder Livestock Inventory and the Change in Market Livestock and Poultry Inventory, b) prepare the journal entries for the adjustments, and c) indicate the effects on the income statement for purchased feeder livestock and raised market livestock.

Answer rating: 100% (QA)

a Calculate the Change in Purchased Feeder Livestock Inventory and the Change in Market Livestock an... View the full answer