A group of twenty 2-year old cattle was held at January 1, 2022. Five 2-year...
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A group of twenty 2-year old cattle was held at January 1, 2022. Five 2-year old cattle were purchased on January 2, 2022 for P13.000 each and five calves were born on the same date. No cows or calves were disposed off during the period. Per unit fair values less estimated point of sale costs were as follows: January 1, 2022 2-year old cattle - P12,000 Newborn cattle - P4,000 December 31, 2022 3-year old cattle - P15,000 2-year old cattle - P13,000 1-year old cattle - P7,000 Newborn cattle - P5,000 The Company records separate the increase in fair value less point of sale costs due to physical change and change in fair value less point of sale costs due to price change. How much shall be taken to profit or loss as a gain arising from change in fair value due to physical change? O A P30,000 O B. P60.000 O C.P80,000 OD. P110.000
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