
Chapter 9 - Inventories Additional Valuation Issues-LO 2-Comput
Authored by Imran Manzoor
Business
University

AI Actions
Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...
Content View
Student View
20 questions
Show all answers
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
Access all questions and much more by creating a free account
Create resources
Host any resource
Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever
or continue with

Microsoft
%20(1).png)
Apple
Others
Already have an account?
Similar Resources on Wayground
15 questions
Recruitment
Quiz
•
University
17 questions
Business Quiz
Quiz
•
10th Grade - University
15 questions
Brand Management Chapter 2
Quiz
•
University
20 questions
Marketing CH10 & 11
Quiz
•
University
20 questions
Ergonomics and Keyboarding technique
Quiz
•
10th Grade - University
20 questions
Unit 07 - Maintain business records and documentation
Quiz
•
University
15 questions
Chart Patterns and Price Actions
Quiz
•
University
20 questions
CHAPTER 3 - ENTREPRENEURSHIP & SMALL BUSINESS DEVELOPMENT
Quiz
•
University
Popular Resources on Wayground
7 questions
History of Valentine's Day
Interactive video
•
4th Grade
15 questions
Fractions on a Number Line
Quiz
•
3rd Grade
20 questions
Equivalent Fractions
Quiz
•
3rd Grade
25 questions
Multiplication Facts
Quiz
•
5th Grade
22 questions
fractions
Quiz
•
3rd Grade
15 questions
Valentine's Day Trivia
Quiz
•
3rd Grade
20 questions
Main Idea and Details
Quiz
•
5th Grade
20 questions
Context Clues
Quiz
•
6th Grade
Discover more resources for Business
18 questions
Valentines Day Trivia
Quiz
•
3rd Grade - University
12 questions
IREAD Week 4 - Review
Quiz
•
3rd Grade - University
23 questions
Subject Verb Agreement
Quiz
•
9th Grade - University
5 questions
What is Presidents' Day?
Interactive video
•
10th Grade - University
7 questions
Renewable and Nonrenewable Resources
Interactive video
•
4th Grade - University
20 questions
Mardi Gras History
Quiz
•
6th Grade - University
10 questions
The Roaring 20's Crash Course US History
Interactive video
•
11th Grade - University
17 questions
Review9_TEACHER
Quiz
•
University