Farmer Concord Industries Inc. is in the business of producing organic foods for sale to...
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Farmer Concord Industries Inc. is in the business of producing organic foods for sale to restaurants and in local markets. The com uses IFRS and has a June fiscal year end. As an experiment, the company has decided to try raising organic freerange chickens. On May Farmer Concord purchas new hatchlings for cash at a total cost of $ The company paid cash for feed and labour costs of $ per month to look the chicks. Their acceptable accounting policy is to capitalize these costs. On June the company estimated that the chickens would mature in midOctober. At year end, the chickens had a fair value of $ and the company would have to transport them to its customers at an average cost of $ per chicken. On October all chickens had matured and the company sold and shipped of the chickens to one of its key customers fo per chicken. Transportation costs were $ per chicken, as expected. 
Farmer Concord Industries Inc. is in the business of producing organic foods for sale to restaurants and in local markets. The com uses IFRS and has a June fiscal year end.
As an experiment, the company has decided to try raising organic freerange chickens. On May Farmer Concord purchas new hatchlings for cash at a total cost of $ The company paid cash for feed and labour costs of $ per month to look the chicks. Their acceptable accounting policy is to capitalize these costs.
On June the company estimated that the chickens would mature in midOctober. At year end, the chickens had a fair value of $ and the company would have to transport them to its customers at an average cost of $ per chicken.
On October all chickens had matured and the company sold and shipped of the chickens to one of its key customers fo per chicken. Transportation costs were $ per chicken, as expected.
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