Chapter 9 - Inventories Additional Valuation Issues-LO 2-Comput
Quiz
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Business
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University
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Practice Problem
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Hard
Imran Manzoor
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Dub Dairy produces milk to sell to local and national ice cream producers. Dub Dairy began operations on January 1, 2022 by purchasing 840 milk cows for £1,176,000. The company controller had the following information available at year end relating to the cows:
Milking cows
Carrying value, January 1, 2022 £1,176,000
Change in fair value due to growth and price changes 365,000
Decrease in fair value due to harvest (42,000)
Milk harvested during 2022 $54,000
At December 31, 2022, what is the value of the milking cows on Dub Dairy’s statement of financial position?
£1,176,000
£1,541,000
£1,134,000
£1,499,000
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Dub Dairy produces milk to sell to local and national ice cream producers. Dub Dairy began operations on January 1, 2022 by purchasing 840 milk cows for £1,176,000. The company controller had the following information available at year end relating to the cows:
Milking cows
Carrying value, January 1, 2022 £1,176,000
Change in fair value due to growth and price changes 365,000
Decrease in fair value due to harvest (42,000)
Milk harvested during 2022 but not yet sold $54,000
On Dub Dairy’s income statement for the year ending December 31, 2022, what amount of unrealized gain on biological assets will be reported?
£ -0-
£365,000
£323,000
£54,600
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Dub Dairy produces milk to sell to local and national ice cream producers. Dub Dairy began operations on January 1, 2022 by purchasing 840 milk cows for £1,176,000. The company controller had the following information available at year end relating to the cows:
Milking cows
Carrying value, January 1, 2022 £1,176,000
Change in fair value due to growth and price changes 365,000
Decrease in fair value due to harvest (42,000)
Milk harvested during 2022 but not yet sold $54,000
On Dub Dairy’s income statement for the year ending December 31, 2022, what amount of unrealized gain on harvested milk will be reported?
No gain is reported until the milk is sold.
£12,000
£54,000
£311,000
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Braum Dairy produces milk to sell to local and national ice cream producers. Braum Dairy began operations on January 1, 2022 by purchasing 650 milk cows for €780,000. The company controller had the following information available at year end relating to the cows:
Milking cows
Carrying value, January 1, 2022 €780,000
Change in fair value due to growth and price changes 242,000
Decrease in fair value due to harvest (28,000)
Milk harvested during 2022 but not yet sold $36,200
On Braum Dairy’s income statement for the year ending December 31, 2022, what amount of unrealized gain on biological assets will be reported?
€ -0-
€214,000
€242,000
€36,200
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Braum Dairy produces milk to sell to local and national ice cream producers. Braum Dairy began operations on January 1, 2022 by purchasing 650 milk cows for €780,000. The company controller had the following information available at year end relating to the cows:
Milking cows
Carrying value, January 1, 2022 €780,000
Change in fair value due to growth and price changes 242,000
Decrease in fair value due to harvest (28,000)
Milk harvested during 2022 but not yet sold $36,200
On Braum Dairy’s income statement for the year ending December 31, 2022, what amount of unrealized gain on harvested milk will be reported?
No gain is reported until the milk is sold.
€8,200
€205,800
€36,200.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Lucy’s Llamas purchased 1,000 llamas on January 1, 2022. These llamas will be sheared
semiannually and their wool sold to specialty clothing manufacturers. The llamas were purchased for €148,000. During 2022 the change in fair value due to growth and price changes is €9,400, the wool harvested but not yet sold is valued at net realizable value of €18,000, and the change in fair value due to harvest is (€1,150). What is the value of the llamas on Lucy’s Llamas statement of financial position on June 30, 2022?
€156,250
€148,000
€146,850
€128,850
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Lucy’s Llamas purchased 1,000 llamas on January 1, 2022. These llamas will be sheared semiannually and their wool sold to specialty clothing manufacturers. The llamas were purchased for €148,000. During 2022 the change in fair value due to growth and price changes is €9,400, the wool harvested but not yet sold is valued at net realizable value of €18,000, and the change in fair value due to harvest is (€1,150). On Lucy’s Llamas income statement for the year ending December 31, 2022, what amount of unrealized gain on biological assets will be reported?
€26,250
€27,400
€9,400
€8,250
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